Stop South Carolina Foreclosure
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Foreclosure is a very serious matter, your now receiving all sorts of letters in the mail from different companies all telling you that they can help you. They could be all very confusing. If you've noticed, they all want you to do one of the following, so let's go over each of them one at a time.
Just Walk Away
It has come to our attention that some organizations are advising people on the phone and by mailers to home owners, to just walk away and let it go to foreclosure. It appears the organizations behind this campaign may be groups of investors that want to buy your property cheap at auction. This can be devastating for home owners in many states, as the home owner is responsible for the deficiency, which means if you owe $225,000 on your loan, and your home sells for $100,000 at auction, you're on the hook for the $125,000 difference. They can garnish wages to get it. This means the investor gets a great deal and the homeowner gets a huge bill as they are being kicked to the curb.
Private Investors/Lenders:
They will tell you that they will bring your mortgage current and payoff all back fees to save your home, and they will too, for a price of coarse.
In order for them to do that you must " quick Deed" (sign over your home to them in their name). In turn they will gladly lease your home back to you with 15-20% higher payments for maybe 1-2 or 3 years until they have made their investment back. Then they will agree sign your home back to you. Sounds good so far right? But here's the trick.
In the contract that you sign, always somewhere in the fine print. It will say if the leasee (you) are 24 hours late with your monthly payment within the duration of your contract, that the lessee (you) must evacuate the premises. Usually within 5 - 7 days. Over 90% of homeowners that fall for this trick end up losing there homes. These investors all know that you've had payment problems in the past, that's why they prey on homeowners in your situation. Next thing you know your family is out on the street, with no home or hope and the investor just tricked you out of your $150,000 home that cost them only $4,000 to $5,000 so PLEASE BEWARE, don't do it.
New Loan:
you to take out another loan (it sounds good on the surface but you'll pay much, much more in the long run). You have to start of a new loan from the beginning, you eventually lose all of your equity. All of your past payments are just wasted. You gain nothing. Don't fall for it.
Bankruptcy:
Don't do it! It will only save your home temporarily. Big rouble awaits you around the corner. Everyone says "file for bankruptcy it's easy don't worry we can get you squared away". Yea right. Do yourself a huge favor Don't do it!!
If you truly would like to save your home and have your case handled correctly, call the professionals. We will evaluate your case for free and inform you of your rights as a homeowner. We will introduce you to the many options that are available to save your home. To get your free evaluation either fill out a short questionier by clicking here or call now, 1-888-209-1424. | |
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South Carolina Foreclosure Process |
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Foreclosure Process |
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When you develop a definite plan of action with well-timed,
well-informed steps, you can stop the foreclosure process and save your
home. We have outline the foreclose process for the state of South
Carolina. |
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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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