Foreclosure

In some circumstances, a bankruptcy can be filed to stop the foreclosure sale and save the home. It may allow the debtor to keep the home by agreeing to repay the debt over time, usually three to five years.

Filing bankruptcy is outside the scope of the classroom, so it is recommended that you contact an attorney. If you are interested in filing bankruptcy to save the home, please note that you would need to file before the foreclosure sale.

Once you are no longer the legal owner, the new buyer has a legal right to put you out.  The buyer might be the mortgage company, or it might someone else. Once the sale becomes final, the buyer first needs to pay the bid (unless the mortgage company was the high bidder using only a “credit bid” up to what was owed on the mortgage). The judge will then execute a deed to the buyer, which will be recorded. This usually occurs within 10-14 days after the sale.

In South Carolina, the foreclosure sale date must be ordered by a judge. The foreclosure sale is a public auction, and the home will be sold to the highest bidder. After the Court issues a Judgment of Foreclosure, a Notice of Sale will be published in a local newspaper for the three weeks leading up to the sale date.

Dress Appropriately: For all court appearances, you should dress as though you are going to a professional business meeting. Jeans, shirts with slogans, hats and revealing clothes are not appropriate and the Court does not allow shorts, tank tops, or flip-flops. Appropriate apparel shows respect for the court process and will help you create a positive impression before the judge.