Foreclosure in 20105>Question Details

Randy, Renter in 20105

can a bank get a deficiency judgement in s.c.

Asked by Randy, 20105 Tue Apr 27, 2010

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Hi Randy,

In South Carolina the lender foreclosures by a Judicial Foreclosure process. They actually foreclose through the mortgage in effort to get back the collateral (the property) as well as obtain a deficiency judgment for the balance owed on the mortgage.

Once the lender obtains a deficiency judgment they can try to go after other assets that you own or garnish wages, etc. You may be able to negotiate a settlement or a payoff agreement with the lender to satisfy this debt. If the debt is too great then you might look at bankruptcy in effort to wiggle out of this debt, it would depend on if you had other credit card debt and you need to see if you qualify for a bk.

Good luck!

Hannah Fliegel, FICO Pro
The Credit Repair Expert
415-999-9348
0 votes Thank Flag Link Wed Apr 28, 2010
Randy Renter - the best person to ask about this is your legal representative a SC lawyer, however if you do not have one then you may want to call the magistrate's office and ask someone on their staff if they will allow you to speak with someone on their staff who can answer this question. As real estate professionals very few of us are attorneys. I own property in SC and have gone through an eviction process there last spring with a tenant and I did find that NC and SC were somewhat different. I imagine you will need to explain more detail when you call the magistrate's office if this is the choice you make to seek your answer. I hope this was helpful.

Deborah Rigsbee Miller, Real Estate Broker
Coldwell Banker HPW
0 votes Thank Flag Link Tue Apr 27, 2010
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