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deficiency law suit for short sale done in SC

Posted by Suzanne Trammell on December 18, 2011 at 8:24am in Short Sale Discussions

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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Replies

  • Teresa Simon 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.

     

  • Kevin - Greenville, SC 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

  • Smitty 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? 

    • Suzanne Trammell > Smitty 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

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