South Carolina Foreclosure Laws
Unlike foreclosure laws in other states that provide for a non-judicial or "Power of Sale" foreclosure process as an alternative to the judicial process, the South Carolina foreclosure laws only allows the process of judicial foreclosure to foreclose mortgages that appear in foreclosure listings.
Procedure for repossessed homes in South Carolina
The time taken for the judicial closure depends on the concerned court. The only recognized security instrument is the mortgage. When dealing with the settlement of properties that make it to foreclosure listings, the state recognizes deficiency judgments but not the Right of Redemption. When the security instrument does not contain a Power of Sale clause, a judicial foreclosure process is resorted to. Before the distressed property can be sold, a court order must be obtained to foreclose any other proceeding related to the sale. In the event that the borrower is unable to repay the delinquent amount within the time frame set by the court, a court order will be issued for the distressed property to be sold.
The procedure under South Carolina foreclosure laws
Under South Carolina's laws, the lender is required to have a Notice of Sale posted at the courthouse entrance and in two other public places at least three weeks before the date of the sale. The details contained in the notice should include the names of the borrower and the lender, a legal description of the property, and the time and place of the sale. A copy of the notice must also be published in a local county newspaper for the same time period.
A foreclosure sale is conducted on the first Monday of each month at the courthouse under whose jurisdiction the distressed property falls and is presided over by the county sheriff. If the said day happens to be a holiday, the sale takes place the next working day. The timing of the sale is from 11:00 a.m. to 5:00 p.m., unless the sheriff decides otherwise.
However, after the auction concludes at the specified date and time, there is a thirty day period in which anyone may place a bid higher than the previous bid amount. This process of on-going bidding is known as upset bidding. At the end of the thirty days, the highest bidder is awarded the property. The sale is confirmed and finalized if the sheriff's office does not receive any objections within 3 months of the date of sale.
Foreclosures in South Carolina Top Cities
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Mortgage Rates
| National Overnight Averages | TODAY | +/- | Last Week |
|---|---|---|---|
| 3/1 Year ARM | 3.58% |  |
3.63% |
| 1 Year ARM | 3.47% | |
3.5% |
| 30 Year Fixed Mortgage | 5.15% | |
5.17% |
| 15 Year Fixed Mortgage | 4.62% | |
4.63% |
| 5/1 Year ARM | 3.61% | |
3.66% |
