Mortgage Foreclosures – Creditor Representation
Our firm is experienced in mortgage foreclosures. We usually represent creditors (mortgagees) who bring the foreclosure action to sell the security to pay the 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 then sells the secured property and applies the sales proceeds to the indebtedness. Unless specifically waived, in writing, by the creditor (mortgagee), a deficiency judgment will be allowed. A deficiency judgment is a judgment against the debtor for any amount by which the mortgage debt exceeds the proceeds of a foreclosure sale.
The Master In Equity usually retains jurisdiction, after the foreclosure sale and award of 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 often in touch with the Master In Equity’s staff to ensure timely hearings and sales.