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South Carolina Judicial Foreclosure Available: Yes Non-judicial Foreclosure Available: No South Carolina uses judicial foreclosure. The
lender must file a lawsuit and seek either an order of sale or a judgment for
the loan balance against the borrower or both. Sale Procedures Time The hours of sale shall be between 11:00 and 5:00.
However, no sale may be made after the sheriff declares the sales closed for
the day. Place The sale takes place at the courthouse of the
county where the real estate is located. Manner South Carolina foreclosure sales are conducted by
the sheriff at public auction to the highest bidder for cash. The sheriff
will prepare and deliver a deed to the high bidder. Special Procedures - Upset Bids Bidding remains open until 30 days after the sale.
During that time, an upset bidder may make a suitable deposit, which is
refundable, and outbid whoever made the highest bid at the actual foreclosure
sale. A 5 percent higher bid is an upset bid although a lower figure may be
acceptable to the court. However, if no deficiency judgment is sought, then
the upset bid procedure will not be followed. Deficiency The lender can sue for and the court may adjudge
and direct that if any part of the mortgage debt remains unpaid after the
sale of the mortgaged premises, then the lender may seek a court order
directing the borrower to pay the unpaid sum or residue. The judgment may be
enforced as in other cases. However, within 30 days after the sale, if a
defendant was sued for a deficiency, he or she may apply to the court for an
order of appraisal. The defendant appoints one appraiser, the judgment
creditor appoints another and the judge appoints another. If the appraised
value is greater than what remains owed on the loan, after subtracting the
foreclosure sale proceeds, then there is no deficiency. However if it is
less, then the borrower still gets credit against the judgment for the
appraised value of the property. The lender can collect only what's left. Redemption South Carolina does not recognize a right of
redemption after foreclosure. |
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