By: Daniel Stone
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Can I save my home through bankruptcy after being served foreclosure?
Yes. In South Carolina, even after being served with foreclosure papers you can still file bankruptcy to stop your mortgage lender from selling your home at a foreclosure sale. In fact, after being served with foreclosure papers, you probably have anywhere from 3-6 months to save your home from being sold- even longer in some cases. The reason for this is that you legally have 30 days to respond to the foreclosure complaint. Next, the Equity Court has to set a date to sell your home. Finally, the law requires that notice of the sale be listed in a newspaper a few weeks prior to the sale. In South Carolina, most foreclosure sales only take place the first Monday of each month. One warning! Even if the mortgage lender has told you that you may qualify for a loan modification, the foreclosure process usually does not stop until the loan modification is officially completed. I cannot tell you how many potential clients have lost their home in foreclosures because they assumed the foreclosure process would stop because they were working on the loan modification. Last warning, stay in contact with the foreclosure attorney and or the foreclosure court to figure out the exact sale date and time.