Horry County and Georgetown County conduct all foreclosures in judicial proceedings, because South Carolina mandates that all foreclosure be conducted through court proceedings. In order to conduct these judicial proceedings, these counties are appointed a Master in Equity by the Governor that is ratified by the South Carolina General Assembly.
First a foreclosure must be processed through the circuit court where the plaintiff must prove that the defendant’s debt for the property is in default. Once this has been confirmed the court will then assign the property to the County’s Master in Equity where the property is eventually sold at auction to assist the Plaintiff in recovering the debt owed by the defendant.
By Retrieving Pre-Foreclosures in these counties combined with the actual sale date of homes as they become assigned for sale. Investors are able to perform the necessary due dilligence needed to make an informed and intelligent purchase of these properties as they come to sale.
Important Questions Regarding the Jucicial Foreclosure Process
A Pre foreclosure is in the early stages of being repossessed due to the property owner’s inability to pay an outstanding mortgage obligation. The Pre foreclosure status begins when the lender files a default notice on the property, which informs the property owner that the lender will proceed with pursuing legal action if the debt is not resolved. Once a property is in the Pre foreclosure stage, it can take up to a year or longer to be sold as a foreclosure.