Understanding the foreclosure process in South Carolina is an important part of navigating your own home foreclosure.
Before we dive in…
Understanding the Foreclosure Process in South Carolina
What Is Foreclosure Anyway?
Foreclosure is the legal process lenders use to reclaim a property that secures a loan when the borrower stops making payments. While foreclosure is stressful, it’s not the end of the world. With the right information and quick action, you can minimize the financial and emotional impact — or even avoid foreclosure altogether.
Knowing how foreclosure works in South Carolina empowers you to make informed decisions and navigate the process successfully. Myrtle Beach homeowners facing financial hardship have several options available to them before reaching the point of auction or eviction.
The Basic Stages of a Foreclosure
Foreclosure laws and timelines vary across states, but the process typically unfolds in a few key stages. South Carolina primarily uses judicial foreclosure, meaning the lender must go through the court system to take back the property.
Here’s How It Typically Works:
-
Missed Payments: Foreclosure usually begins after 3–6 months of missed mortgage payments. During this time, lenders send multiple notices that you are in default (overdue).
-
Judicial Process: Your mortgage lender files a lawsuit. You’ll receive a court notice demanding payment.
-
Response Period: You typically have 30 days to respond or bring your loan current to avoid further legal action.
-
Judgment and Auction: If payments remain unpaid, the court issues a judgment allowing the lender to sell your property at a public auction.
-
Eviction: Once sold, the sheriff serves an eviction notice, requiring you to vacate.
In some cases, non-judicial foreclosure (or power of sale) can occur, but it’s far less common in South Carolina. This process doesn’t require court intervention but still includes required notices and waiting periods before the property is sold.
📍 Local Note: In Horry County, foreclosure activity in 2025 has slightly increased compared to last year, reflecting broader economic pressures and rising household debt. However, many homeowners are finding relief through loan modifications, short sales, or selling their homes directly to cash buyers like Dynamic Home Buyers.
What Happens After a Foreclosure Auction?
After the auction, the sale proceeds are used to pay off the mortgage debt. However, if the property sells for less than the loan balance, the borrower may face what’s called a deficiency judgment—a court order requiring you to pay the remaining balance.
Each state handles deficiency judgments differently:
-
Some limit the amount to the fair market value of the home at the time of sale.
-
Others allow lenders to pursue the entire loan balance still owed.
In South Carolina, lenders can pursue deficiency judgments unless they specifically waive that right during the foreclosure process.
Why You Should Avoid Foreclosure if Possible
Foreclosure severely impacts your credit score, future borrowing ability, and long-term financial stability. It can also create public records that make future housing and lending more difficult.
Generally, it’s best to avoid a foreclosure auction whenever possible. Instead, consider proactive alternatives that protect your credit and equity.
How Dynamic Home Buyers Can Help You Avoid Foreclosure in Myrtle Beach, SC
Rather than waiting for the bank to take control, reach out to your lender or work with a trusted local home buying company like Dynamic Home Buyers. We specialize in helping Myrtle Beach homeowners sell their houses fast for cash—even when facing foreclosure or financial distress.
Here’s How We Can Help:
-
Direct Negotiations: Our experienced investors work directly with banks to negotiate discounts or settlements on your mortgage balance.
-
Quick Cash Offers: We buy homes in Myrtle Beach, SC, regardless of condition, allowing you to avoid foreclosure and walk away with peace of mind.
-
No Repairs or Fees: You won’t have to make repairs, pay commissions, or cover closing costs.
-
Fast Closings: In many cases, we can close in as little as 7 days—well before the foreclosure auction date.
🏠 If you need to sell a property near Myrtle Beach , South Carolina , we can help you find a solution that works for your situation.
Whether your home is behind on payments, underwater, or already in pre-foreclosure, Dynamic Home Buyers provides a compassionate, fast, and reliable option to sell your home and move forward.
Take Control Before It’s Too Late
If you’re behind on payments or worried about foreclosure, don’t wait until the auction notice arrives. The earlier you act, the more options you’ll have to protect your home and credit.
📞 Contact Dynamic Home Buyers today at (843) 256-8393 or visit our contact page to discuss your options with a local expert. We’ll walk you through the foreclosure process in Myrtle Beach, SC and help you take the next step toward financial relief and stability.
Give us a call anytime (843) 256-8393 or
fill out the form on this website today! >>
Another Foreclosure Resource For Myrtle Beach South Carolina HomeOwners: