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Buying house in sc can the mtge co come after you if you…

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buying house in sc can...
buying house in sc can the mtge co come after you if you foreclose
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 3 minutes by:
2/16/2016
Real Estate Lawyer: Ely, Counselor at Law replied 2 years ago
Ely
Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 103,584
Experience: Qualified attorney in private practice including business, family, criminal, and real estate issues.
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Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

What you are asking about is called deficiency. A deficiency judgment lawsuit is a type of action that is filed against an ex-owner after the lender forecloses on the property, seeking the difference between (a) what the owner owed on the loan and (b) what the home sold for.

South Carolina does allow the lender to seek deficiencies if they specifically include the right to do so in the mortgage contract. Most do include this verbiage. Whether or not the lender would actually pursue a deficiency is up to them - some do not.

I hope this helps and clarifies. Please use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of TOP THREE FACES/STARS and then SUBMIT, as this is how experts get credit for our time. Rating my answer the bottom two faces/stars (or failing to submit the rating) does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith with a positive rating.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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