Foreclosure Laws
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South Carolina Foreclosure Procedure
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.
South Dakota Foreclosure Procedure
Judicial Foreclosure Available: Yes
Non-judicial Foreclosure Available: Yes
If the mortgage contains a power of sale clause, then it may be foreclosed by advertisement, provided that there is a default on the mortgage. Alternatively, the lender may sue for a judgment against the borrower for the amount of the debt due and an order of sale.
Non-judicial Foreclosure Preliminary Notices
Contents
The foreclosure notice must give the names of the borrower and lender, the mortgage date, the amount due, a description of the premises and the time and place of sale. Advertising A foreclosure notice must be published once a week for four successive weeks in a newspaper in the county where the premises are located.
Sale Procedures
Time
The time must be between 9 A.M. and 5 P.M.
Manner
The sale is made by the sheriff at public auction to the highest bidder. The lender may bid, too. The winner gets a certificate of sale. Once the redemption period runs out, the buyer gets a deed. Any surplus remains on deposit with the clerk of the court for three months for possible claimants.
Postponement
The sale may be postponed.
Judicial Foreclosure
A lender may foreclose by filing a lawsuit in the circuit court of the county where the property is located. Service of process may be obtained by publication, if necessary. The lender may seek either or both of an order of sale and a judgment for the balance due on the mortgage. Once the court finds foreclosure to be appropriate, then the sale may be made by a referee or sheriff, or anyone else appointed by the court. If the lender plans to bid, but the borrower submits competent evidence as to value, then the court may order the premises to be sold at their fair and reasonable value less the balance due on the loan. The borrower will receive a certificate of sale at the foreclosure. A deed will subsequent) be issued once the redemption time period expires.
Deficiency
If the mortgage is a purchase money mortgage (a loan or loans used to buy the person's property) then a deficiency judgment is not permitted in South Dakota.
Redemption
If the tract of land is 40 acres or less, and the mortgage contains a special power of sale clause, then a 180-day period of redemption exists. If the property is abandoned, the time period becomes only 60 days. Generally unless the special short-term redemption mortgage provisions apply, all persons may redeem within one year of the date of sale.
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