South Carolina · ForeclosureSouth Carolina deficiency judgment: the 30-day appraisal petition after a foreclosure sale

South Carolina foreclosures go through the courts. In an action to foreclose a mortgage, the court may adjudge payment by the mortgagor of any part of the debt left unpaid after the sale if the mortgagor is personally liable, and may also enter judgment against another person who guaranteed the debt and was made a party (S.C. Code §29-3-660). A defendant against whom a personal judgment is taken or sought may, within thirty days after the sale, petition the clerk of court by verified petition for an order of appraisal (§29-3-680(A)). The property is then appraised at its true value as of the date of sale by three disinterested state-certified or licensed appraisers (§29-3-700). If the appraised value, less the sale price, equals or exceeds the deficiency, the deficiency judgment is extinguished; if it is less, the deficiency is reduced by that difference and enforceable only for the remainder (§29-3-740). The appraisal right can be waived in advance for some secured transactions, but not in a foreclosure involving a dwelling place or a consumer credit transaction (§29-3-680(B)).