Avoiding Pitfalls in Foreclosure - South Carolina


Review the loan documents:

• Are the signors on the note and mortgage the same?

• Is the legal description correct?

• Are the names and dates on all loan documents consistent?

• Is the legal description in the title policy consistent with the mortgage?

The title search:

• Order the title search immediately

• Limited title search (from date of mortgage) or full search

• Does title search show deeds and mortgages properly recorded and properly indexed?

• Are there any different spellings or variations of names?

• Did any owner fail to sign the mortgage?

• Subsequent owners are necessary parties if they still own the property – intervening owners who no longer have an interest in the property are not necessary parties.

• Prior lienholders are not necessary parties as their position cannot be affected by your foreclosure.

• If the title search reveals past due taxes, there is the risk of losing the property at a tax sale. If the property has been sold for taxes, there is only one year to redeem.

Please see full publication below for more information.

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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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