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South Carolina Foreclosure Law
Foreclosures in South Carolina are handled through court
proceedings. The typical foreclosure timeline is approximately
six months.
Pre-foreclosure Period
After deciding to foreclose, the foreclosing lender files a
lis pendens, or pending lawsuit, to announce their intent to
foreclose. Within 20 days, the lender files and personally
delivers a foreclosure notice to the borrower. If the borrower
cannot be located, the lender will notify the borrower by way of
publication for three weeks. A borrower has 30 days to file a
response to the foreclosure notice. If the borrower does not
resolve the default, the case is referred to a hearing officer,
and a notice sent to all relevant parties. The officer orders
the property to be sold.
Notice of Sale / Auction
A notice of sale containing a description of the property,
the time and location of the sale, and the borrower and lender's
name must be posted at the courthouse and published in a local
newspaper three weeks before the sale date. A court officer or
special referee conducts the sale, which typically takes place
at 11:00 a.m. on a Monday unless otherwise directed. The winning
bidder must provide 5 percent of the winning bid at the sale and
usually has 20-30 days to submit the remaining bid balance. If
the lender waives the right to file a deficiency judgment (which
allows them to pursue any debt not satisfied at the foreclosure
sale), the borrower has no rights to redeem after the
foreclosure sale. If the lender reserves the right to a
deficiency judgment, the sale continues for 30 days after the
bidding ends. During this time, anyone may place an upset bid
and make a refundable deposit. After any post-sale bidding
period is over and the winning bidder pays the remaining bid
balance, the sale official transfers ownership and the court
confirms the sale.
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