Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
Hello and welcome! My name is ***** ***** I am a licensed attorney whowill try my very best to help with your situation or get you to someone who can. There may be a slight delay in myresponses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.
Was the property transferred into the buyer's name and you are acting as the bank in holding the mortgage and Note and accepting payments?
Have you sent the buyer any written notice of default and demand for payment?
It is customary to send out a notice of default and a demand for payment, but it isn't mandatory. In South Carolina, you as the lender would go to Circuit court in what is known as a judicial foreclosure proceeding where the court must issue a final judgment of foreclosure. You actually have to file a lawsuit against the borrower and have a judge rule in your favor that they are in default and then order a sale. The property is then sold as part of a publicly noticed sale.
A complaint is filed in court along with what is known a "lis pendens" which is a recorded document that provides public notice that the property is being foreclosed upon.
But this is fairly complicated from a legal perspective and unless you are familiar with filing your own lawsuits and briefs and admitting evidence to the formal record, then you will need to get a local real estate attorney to assist so that no errors are made that could get the case kicked out of the system with you having to start over..