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.
Hannah Fliegel, FICO Pro
The Credit Repair Expert