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Foreclosure law in Columbia, in the U.S. state of South Carolina, enables lenders to repossess properties when borrowers default on their mortgage payments. Foreclosure process includes both judicial and non-judicial methods, although the judicial process is more prevalent. South Carolina law allows for both deficiency judgments and redemption periods under certain conditions.
If you are at risk of losing your home due to foreclosure, a lawyer can provide valuable guidance and representation. You may need a lawyer to review your mortgage documents, identify possible defenses, represent you during court hearings, and potentially negotiate solutions with your lender. Additionally, a lawyer can help you understand your rights and options, which might include loan modification, forbearance, short sale, or bankruptcy.
South Carolina is primarily a judicial foreclosure state, meaning foreclosures must pass through the court system. Lenders may choose to proceed with a judicial foreclosure, which typically takes about 150 days. In addition, South Carolina law has a "right to cure" period, giving the homeowner the opportunity to get current on their mortgage payments and stop the foreclosure process. Moreover, South Carolina allows for deficiency judgments, where the lender can collect the difference from the borrower if the foreclosure sale price is less than the owed debt, but certain conditions must be met.
In Columbia, the mortgage lender must send a notice of intent to foreclose at least 30 days before starting the foreclosure. However, the foreclosure process itself can take several months.
Yes, you can prevent foreclosure by paying off your arrears, getting a loan modification, or filing for bankruptcy, amongst other measures. A foreclosure attorney can guide you on the most suitable option based on your circumstances.
A deficiency judgment is a lawsuit that a lender can file if the foreclosure sale price doesn't cover the total amount owed on a mortgage, allowing them to collect the balance from the borrower.
In some cases, known as 'right of redemption', homeowners can reclaim their property after foreclosure by repaying the total amount owed, plus any additional costs incurred by the lender. The exact rights and timelines can vary and should be verified with a legal professional.
Consider reaching out to legal aid organizations. They often have services available for individuals who are dealing with foreclosure but cannot afford a private attorney.
South Carolina Legal Services (SCLS) and Columbia Lawyers' Committee for Civil Rights Under Law are non-profit organizations providing legal assistance to low-income citizens. SCLS also provides self-help resources on its website. Additionally, the South Carolina Department of Consumer Affairs offers a wide range of educational resources related to foreclosure.
If you are facing foreclosure, it's important to act swiftly. Consider contacting a legal professional who specializes in foreclosure immediately for guidance. Make sure you respond promptly to court summons and any communication from your lender. Stay informed about your rights and remedies as a homeowner to increase your chances of reaching the best possible outcome.
