Because South Carolina is a judicial state, the foreclosure process typically takes 150 to 180 days. It begins when the lender files a South Carolina lis pendens notice and a formal lawsuit. The case is then moved to a SC Master in Equity foreclosure hearing, where a judge orders a public auction. Homeowners can stop the process up until the auction by paying the past-due balance or by selling the property to a cash buyer like High Noon Home Buyers to pay off the mortgage and avoid a foreclosure on their credit report.
I spent enough time in the business to know that I’ve helped people avoid their credit taking a hit due to foreclosure. And there I was, sitting at the kitchen table of one of my most recent clients that had a notice sitting in front of them about an impending auction. “Am I too late,” he asked me with a tone in his voice that carried more worry than ever before. I told him no. He had enough time to stop the foreclosure, but he had to sell the house quickly.
I walked him through the steps and told him that he could get a cash offer that would be just enough to get him out of the house and living someplace else. He told me about whether he needed to make repairs because the water pump downstairs was on its last legs. I told him he didn’t need to and he can sell the house as-is.
Needless to say, my team and I at High Noon Home Buyers bought the house and we were able to pay off the mortgage that he was behind on. He called me up a week later thanking me for helping him out. One more person who’s credit was saved after we handled the heavy lifting that got the auction to never go on as planned and no foreclosure cloud hanging over his head.
There seems to be a lot of confusion about how the foreclosure process starts. The moment they miss a payment, it doesn’t begin. I know this because I am quite familiar with some of the rules and laws pertaining to how the process actually happens. The SC foreclosure stages begins with something like this:
I have seen people call my team and I when that 90 day letter came around. You can sell your house in foreclosure even in the pre-foreclosure period if you wanted to.
There is no non-judicial foreclosure SC. This is a state that goes through the court system. What I mean by this is that you do have more time to stop the process if possible. However, I should warn you about the potential legal pressure you’ll feel at this stage. The lender files a lawsuit against you in the county court. You also are served with a summons or a complaint that outlines the debt. In short, you’re part of a legal case. At that point, the SC foreclosure process moves forward as does the SC judicial foreclosure timeline.
I should mention the South Carolina Lis Pendens Notice. “Lis pendens” means “lawsuit pending”. It attaches to your property title while also telling the public that the home is tied up in a foreclosure case. If you plan on selling through the traditional approach, it’ll be very difficult or even impossible to sell. Because you have 30 days to respond to the lawsuit, it won’t be enough time to sell through traditional means.
If you have a house that is facing foreclosure, High Noon Home Buyers is the only buyer that can take it off your hands and pay off the outstanding mortgage balance. We buy your house in Irmo or in the surrounding communities so that you don’t have to worry about the foreclosure harming your financial standing in the future. The sooner you act during judicial foreclosure South Carolina period, the better. You can sell the property to us and stop the process as soon as we close the deal.
I have heard stories from homeowners who have been here. They tell me that foreclosure cases are handled by a kind of judge known as the Master in Equity. Their job is focusing on equity cases like foreclosure. One client near Columbia told me that at the hearing, the judge reviews the lender’s claim, the payment history, and any responses that are filed. I also learned that if a resolution hasn’t been reached, the judge issues what is known as a Judgement of Foreclosure and Sale. In other words, they’ll use that document to legally authorize an auction on your home.
Just like that, the clock speeds up. The next thing you know, the time window begins to close and fast.
Oh yeah, I have even seen these notice of sale letters before. Many clients will still be able to sell before the auction ever begins. Even days before. So there is still time until the day of the auction on the courthouse steps. I cannot begin to tell you how heartbreaking of a scene it is for someone who didn’t respond in time to foreclosure notices to the point where they lose the house and face financial troubles for a while.
I want to point out that there is an advertising rule under the South Carolina notice of sale requirements. The auction is advertised in a local newspaper once a week for three consecutive weeks. This gives public notice that the property will soon be sold to the highest bidder. But not if our team and I can help it. Because you can sell “as-is” in Dentsville or nearby towns, we’ll be able to stop the auction since we’ll pay off the mortgage debt after giving you a cash offer to take the property off your hands.
Isn’t it better than what could happen? Think about it: after your home sells for less than what you owe at the auction, you may be subject to a deficiency judgment in South Carolina. That entails wage garnishments, bank account levies, and even continued financial liability. You can save yourself from this trouble if your house is facing foreclosure and you need a fast, clean way out. You can get a cash offer for your Columbia home in as little as 7 to 14 days.
Most homeowners may think that reclaiming their home is possible after an auction in South Carolina. I hate to say it, but that won’t be the case. The equity of redemption in South Carolina offers end when the foreclosure sale is finalized. Meaning you lose ownership and cannot buy back the property. The decision is final and that’s it. At that point, the new owner can immediately file for eviction, giving you a few days to a couple weeks to vacate. If you don’t do so in time, law enforcement can get involved.
As I mentioned, you can still have options when you’re days away from the auction. But the traditional sale route isn’t going to save you because it can take 30 to 60 days to find a serious buyer. On top of that, there is additional time for inspections and financing. Instead, you can consider the fast cash exit by working with my team and I at High Noon Home Buyers. You can close in as little as 7 to 14 days so we can pay off the lender and cancel the foreclosure process. Even with zero equity, we can buy your house so you can get the cash offer that works for you. No cash at closing ever. Nor do you have to worry about taxes you have to pay for selling your home.
Yes. You have the legal right to stop the foreclosure at almost any point before the Master in Equity officially auctions the home. The best way to do it is getting in contact with my team at High Noon Home Buyers.
If the house goes to auction and sells for less than the amount you owe on the mortgage, the bank won’t forgive the difference. They can file a “deficiency judgement” against you that can allow them to legally pursue your bank accounts or garnish your wages to collect the remaining debt.
Once the gavel falls at the courthouse and the deed is recorded, it signals that you no longer own the property. From there on, you have a few days to two weeks to move after a foreclosure.
Time moves fast when it comes to the South Carolina foreclosure timeline. That’s why you need to act quickly and take control. The best way to protect your credit, avoid a deficiency judgement, and walk away with whatever equity you may have is by selling to a professional cash buyer. Contact my team and I at High Noon Home Buyers and we can perform a property discovery and give you the cash offer that is reasonable for you.
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