deficiency law suit for short sale done in SC

Does anyone have any experience with deficiency laws in SC? I have a client who did a short sale in 6-10 that has a approval letter releasing him from 1st mtg but 2nd mtg left the 9700 open (it was originally 65k) & he was recently served in Georgia for 63k courtesy of Suntrust Bank. Any experience with this? I'm licensed in GA.

Thanks in advance for the response!

Suzanne

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Permalink Reply by Smitty on December 18, 2011 at 9:19am

I would have the homeowner talk to a lawyer.  Obviously the language in the approval allowed the lender to seek the balance.  When you say "served" do you mean he was summoned to court? 

Permalink Reply by Suzanne Trammell on December 18, 2011 at 9:58am

he has talked to a few but they are from GA & do not know the deficiency laws of SC. they are encouraging bankruptcy filing. He was served via sherif in a civil suit

Permalink Reply by Kevin - Greenville, SC on December 18, 2011 at 2:26pm

What if my home sells for less than I owe?
If you owe more on your mortgage than your home sells for at a foreclosure
sale, the lender may ask for deficiency judgment against you, unless it
specifically waived that right in writing prior to the sale. A deficiency
judgment is also known as a personal judgment.
A deficiency judgment is the difference between what the property sold for
at the foreclosure sale and what you owe. For example, if you owe the
bank $100,000 and the house sells for $50,000, the deficiency judgment is
equal to $50,000. See S.C. Code Ann. § 15-39-610 et seq. and S.C. Code
Ann. § 29-3-660.
NOTE: If you decide to leave your home either during or after the
foreclosure action, you should tell the lender’s attorney and the court.
You may give them your new address so the Court can contact you in
case the property sells for more than the debt and you are owed
money.

http://www.sccourts.org/selfHelp/FAQMIE.pdf

Kevin M. Lancaster - Willson - Realtor, SFR

SC License # 31391

Keller Williams Realty

700 Airport Rd.

Greenville, SC 29607

Main Office: (864) 234-7500

Cell: (864) 485-9283 (call or text)

Fax: (864) 968-1779

Permalink Reply by Kevin - Greenville, SC on December 18, 2011 at 4:28pm
Permalink Reply by Teresa Simon on December 18, 2011 at 7:18pm

I have people telling me that the banks are actually calling atempting to collect the mortgage money on first mortgages in Washington State on nonjudicial foreclosures.

Your guy definitely needs to appear in court and take an attorney with him.  What doesn't go into the first hearing may not be allowed in the second hearing.  He needs to CYA.

 

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