South Carolina Allows Expedited Foreclosures For Abandoned Properties

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On June 2, South Carolina established a new expedited procedure for mortgage foreclosures on abandoned properties. Governor Nikki Haley signed SB 1007, which allows a mortgagee or its successor to petition a court for an expedited judgment of foreclosure if the property is not occupied and meets at least two of several conditions—e.g. windows or entrances are boarded or otherwise closed, doors are smashed or continually unlocked, utility services have been terminated—and provided the property does not fall within certain exceptions—e.g. it is seasonally occupied or the owner is deceased and the heirs can be identified. The new law took effect immediately.

Topics:  Abandoned Property, Expedited Foreclosure, Foreclosure, New Legislation

Published In: Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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