What is Foreclosure in Charleston, South Carolina?

Find the right Foreclosure Bankruptcy attorney in Charleston, SC

Foreclosure is a legal procedure in which a mortgage lender recoups some of its losses in the event of default by acquiring possession and/or ownership of the home that secured the loan in the first place in Charleston, South Carolina Foreclosure typically requires the house to be sold at an auction. Typically, banks want to rid themselves of the property as soon as they can, in order to gather as much money as possible.

In every state, including South Carolina, borrowers have the option to go through foreclosure by judicial sale. This means that the auction will be supervised by a court, to make sure that the bank makes an effort to get as high a price as possible (to increase the chances that the whole balance will be covered, as well as the odds that there will be some money leftover for the debtor). In some states, original mortgages are "non-recourse loans," meaning that the lender may only recover ownership of the house in the event of default. If the house is now worth less than the balance of the mortgage, the lender has to take the loss. You should speak with a Charleston, South Carolina attorney to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans that have been refinanced.

How Can I Avoid Foreclosure in South Carolina?

First, and most importantly, you should not dismiss the issue. Failing to respond to foreclosure calls from your lender will not make an issue go away. You should stay in touch, and be forthright with, your creditor as much as possible. One should remember that banks usually don't want to take your house in Charleston. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are forthright with them about your financial situation, they are likely to make reasonable accommodations to keep you from defaulting.

If no deal can be worked out, or the mortgage payments have become prohibitive, you may consider a "short sale". While the lender has to consent to it, many will take a moderate loss if it means avoiding foreclosure (which lenders usually treat as a last resort). This allows you to sell the house for whatever price it can fetch on the current market, and hand the proceeds over to the bank. If the sale nets less than the balance, some or all of the deficiency may be forgiven. There is also the option of a "short refinance," which forgives a substantial portion of your mortgage debt, and refinances the rest.

How Can A Charleston, South Carolina Attorney Help?

If you are facing the possibility of foreclosure, a good Charleston, South Carolina real estate lawyer can help. At the very least, they will be able to inform you of your legal options.

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Life in Charleston

Charleston, South Carolina is an important port city located in Charleston County. It is nicknamed the "Holy City" due to the large number of churches that mark the city's skyline. As a port city, trade is central to the city, as a number of ships and boats launch regularly from Charleston.

Charleston is unique among cities that showcase a Southern culture. In general, Charleston's community culture is a rich blend of French, English, West African, and southern American elements. Particularly, the "Charleston dialect" is a rare dialect featuring distinct phrases and is not comparable to other dialects in the Southern U.S.

Charleston, South Carolina draws many visitors every year when it holds its annual Spoleto Festival USA. The Spoleto Festival is an art festival lasting 17 days and featuring more than 100 performances by artists practicing in different disciplines. The event is an internationally recognized festival and is considered to be the premier performing arts festival of the U.S. Other notable Charleston attractions include live music at the Music Farm, and the Citadel a famous military college. Many Charleston lawyers studied at Charleston School of Law.

Lawyers in Charleston, South Carolina are available to assist persons who may have differing legal needs. Charleston is the first city in the United States to institute a "Livability Court", which is a municipal court that focuses on legal cases involving housing, animal control, tourism, traffic, the environment, waste, and compliance with city zoning codes.

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