South Carolina Foreclosure Process

If you have missed a monthly payment or two on the property you are buying then your bank may be initiating the South Carolina foreclosure process. If this is the case you need to know exactly how it works so you are entirely prepared and you can save your property or find another place to live.

The South Carolina foreclosure process can happen in less than a year. You don’t have to be moved out of your property until the property sells at the auction or the sheriff’s office posts a notice that you need to move out. Keep in mind that if you wait this long you may have as little as 24 hours to vacate the property. Once the process begins you need to be finding a new place to live and saving your money to get into it.

Missing monthly payments on a mortgage is how the South Carolina foreclosure process begins. A property cannot be foreclosed on unless the borrower has failed to meet the financial obligations of the mortgage agreement. When one to three monthly payments have been missed on the mortgage, the bank will begin or initiate foreclosing on the property. The bank will file a notice of default through the courts which basically say you have failed to comply with making your monthly payments. After about 60 days of trying to contact you and make an agreement to save the property the bank will then file an intent to sell. If they cannot get money from you then they will attempt to sell the property at an auction to recover as much money as close to the value of the property as possible. This will allow the bank to get the money back that was given to the borrower. It can take from 6 months to 1 year for a property to go to the county auction with a foreclosure.

If you are in the South Carolina foreclosure process and you want to save your home then you must remain in contact with the bank throughout the entire process. Always answer your phone and respond to the bank when they have questions for you. Don’t be too embarrassed to talk to the bank. They will work with you. Don’t wait too long. Once the home gets to the point where it is scheduled for auction then it may be too late to save it financially. The only way to save it is by having the cash for the bank in total along with the penalties and fees. Some banks won’t let you save your home if you wait too long.

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