Legal Question in Real Estate Law in South Carolina

Re: forclosure on a second home

Your first step should be to negotiate with the lender and possibly try to sell the property or execute a deed in lieu of foreclosure to get out of the mortgage in South Carolina with as little loss as possible. If this does not work and foreclosure did occur, the property would be sold at public auction. If the price of sale is less than the loan amount and the interest and any penalties and fees, the lender may be able to seek a deficiency judgment against you for the difference. You may have defenses to the foreclosure action as well as rights to block foreclosure or request appraisal of the property, so without reviewing your mortgage documents I can't tell you exactly what would happen. I don't know the homestead rules in Ohio, but in general a judgment in S.C. would not force you out of your primary home and onto the street because you have a homestead exemption. However, if you tried to refinance your primary residence or sell your primary residence, the judgment would probably show up and have to be paid off in order of priority. You can obtain more detailed information by consulting with a lawyer who can review your specific mortgage to determine your rights with respect to the mortgage.