At DesChamps Law Firm, our attorneys are seasoned and have handled a wide array of issues involving real estate mortgages and mortgage foreclosure proceedings in the State of South Carolina. We typically represent creditors (mortgagees) who bring the foreclosure action to enforce the mortgage to sell the security to pay the loan indebtedness.
South Carolina law provides that a foreclosure and sale can be brought to recover satisfaction for failure to repay money secured by real property, and requires that the debt be established by a court of competent jurisdiction prior to the sale commencing. The court of competent jurisdiction is usually the county Master-In-Equity who conducts the judicial hearing to establish the debt and thereafter sells the secured property at a judicial sale. When the property is sold at judicial sale, the sales proceeds are applied to the loan indebtedness. If the sales proceeds are insufficient to satisfy the outstanding balance of the loan indebtedness, the creditor (mortgagee) may be awarded a judgment, known as a deficiency judgment, against the debtor for the amount by which the outstanding balance of the loan indebtedness exceeds the sales proceeds realized from the judicial sale. Unless specifically waived in writing by the creditor (mortgagee), a deficiency judgment will be allowed and may be entered against any mortgagor, guarantor, maker, or other person or entity who is obligated to repay the loan indebtedness.
The Master-In-Equity usually retains jurisdiction, after the foreclosure sale and award of a deficiency judgment, to preside over supplemental proceedings brought by the creditor’s attorney to collect the monies owed under the deficiency judgment.
Our attorneys work closely with the Master-In-Equity’s office, with our staff frequently in-touch with the Master-In-Equity’s staff to ensure timely hearings and sales.