The latest data from the website RealtyTrac shows that the number of home foreclosures in the state is decreasing, but South Carolina still remains one of the worst states in the nation for foreclosures. The analysis of the data shows that South Carolina’s foreclosure numbers are better than one year ago, dropping 11.4% from July 2013 to July 2014. Nationally, the number of foreclosures has dropped on average around 16.4% per year. Even though the state is seeing improvements, South Carolina is still ranked as the sixth worst state in the nation for home foreclosures.
In the Midlands, the worst counties for foreclosures include Orangeburg, Richland, and Lexington. Statewide, the highest foreclosure rates are in Orangeburg and Charleston counties. South Carolina has had on average one foreclosure for 904 housing units sold, compared to the national rate of one foreclosure per 1,203 homes sold.
Home Foreclosure in South Carolina
South Carolina foreclosure law is dictated by Sections 15-39-650 through 15-39-660 as well as Sections 29-3-630 through 29-3-790. Under the law, foreclosures in the state are considered judicial, which means that the lender must file an action in state court to foreclose on a home. After the lender files suit, the homeowner has thirty days to respond. If no response is made within thirty days the lender can proceed with a default judgment against the homeowner.
Reinstatement of the loan is not allowed in South Carolina unless the mortgage terms allow it. In addition, the lender can demand a deficiency judgment. After a home is sold in foreclosure, the homeowners have ten days to vacate the home.
There are no special protections given to service members or normal value mortgages under the law. There are some weak protections for high-value mortgages under the South Carolina High Cost and Consumer Home Loans Act, but the statutes are most likely not enough on their own to prevent foreclosure.
If you are facing home foreclosure in South Carolina you need an experienced home foreclosure defense attorney who knows the law and alternatives to foreclosure that can advocate for you.
Let a Home Foreclosure Defense Attorney Help
Even with the recent statistics showing a decrease in the number of home foreclosures in South Carolina, the overall rate of foreclosure is still one of the highest in the country. The loss of your home is a scary possibility that more citizens are facing every day. If you or someone that you know is facing home foreclosure in the Mount Pleasant, Charleston, or surrounding areas, let the attorneys at Klok Law Firm, LLC help. Call the office or contact us today to schedule a consultation.