South Carolina Judgment Foreclosing Mortgage and Ordering Sale is a legal procedure that allows a lender to force the sale of a mortgaged property in order to recover the amount owed on a defaulted mortgage loan. This type of judgment is issued by a court when a borrower fails to make the required mortgage payments. In South Carolina, there are two main types of Judgment Foreclosing Mortgage and Ordering Sale: strict foreclosure and judicial foreclosure. 1. Strict Foreclosure: In this type of foreclosure, the court transfers the title of the property directly to the lender, without the need for a public sale. The lender then becomes the owner of the property and can either keep it or sell it at a later time. 2. Judicial Foreclosure: This is a more common type of foreclosure. It involves the court ordering the sale of the property through a public auction. The property is sold to the highest bidder, usually under the supervision of a court-appointed referee. The proceeds from the sale are used to pay off the outstanding mortgage debt, and any remaining funds are distributed to other lien holders or the borrower, if applicable. The South Carolina Judgment Foreclosing Mortgage and Ordering Sale process typically begins with the lender filing a lawsuit against the borrower for defaulting on the mortgage. The court will then review the case, examine the evidence, and if the borrower is found in default, a judgment will be issued to foreclose the mortgage and order the sale of the property. It is important to note that South Carolina law provides certain protections for borrowers facing foreclosure. For example, borrowers have the right to redeem the property by paying off the mortgage debt in full before the sale takes place. Additionally, borrowers may have the option to negotiate with the lender for an alternative resolution, such as a loan modification or short sale, to avoid foreclosure. In conclusion, the South Carolina Judgment Foreclosing Mortgage and Ordering Sale process is a legal mechanism through which lenders can recover the amount owed on a defaulted mortgage loan. It includes strict foreclosure, where the lender becomes the property owner, and judicial foreclosure, where the property is sold through a public auction. Borrowers have certain rights and may explore alternative options to avoid foreclosure.
South Carolina Judgment Foreclosing Mortgage and Ordering Sale
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?There is no statute of limitation on the foreclosure of a mortgage. It is only when the mortgage debt has been due after maturity for a time sufficient to raise a presumption that the same has been satisfied that mere delay will furnish a defense to foreclosure.
In South Carolina, the foreclosure sale date must be ordered by a judge. The foreclosure sale is a public auction, and the home will be sold to the highest bidder. After the Court issues a Judgment of Foreclosure, a Notice of Sale will be published in a local newspaper for the three weeks leading up to the sale date.
No mortgage or deed having the effect of a mortgage or other lien shall constitute a lien upon any real estate after the lapse of twenty years from the date for the maturity of the lien.
South Carolina Foreclosures are judicial, meaning a court handles the process. The lender must file a lawsuit to foreclose the home. (In some other states, though, foreclosures are nonjudicial, which means they're usually carried out with little, if any, court involvement.)
Ways to Stop Foreclosure in South Carolina Declare Bankruptcy. Yes, bankruptcy is a way through which foreclosure can be stopped. ... Applying for Loan Modification. ... Reinstating Your Loan. ... Plan for Repayment. ... Refinancing. ... Sell Out Your Home. ... Short Sale. ... Deed In Lieu of Foreclosure.
Does South Carolina have a ?right of redemption? where the homeowner can buy back, or ?redeem,? the property after the foreclosure sale? No. Some states?Michigan, for example?allow the homeowner a period of time to redeem (buy back) the property after the foreclosure sale. South Carolina has no such procedure.
South Carolina law says that all foreclosures must be done in court and only a judge can order the sale of your house. Therefore, if you fall behind in paying your mortgage, a lender will file papers with the court and ask for permission to take your home and sell it to cover the loan.
No. Some states?Michigan, for example?allow the homeowner a period of time to redeem (buy back) the property after the foreclosure sale. South Carolina has no such procedure. South Carolina follows the ?hammer rule.? Once the hammer falls at the foreclosure sale, the homeowner's property rights are cut off forever.