A South Carolina real estate instructor compares mortgage foreclosure procedures across different states. She identifies several steps that are part of the South Carolina judicial foreclosure process. Which of the following is NOT a required step in a South Carolina judicial mortgage foreclosure?
Correct Answer
C) A trustee appointed under the mortgage deed conducts a public auction without court supervision
A trustee conducting an unsupervised public auction is a feature of non-judicial foreclosure used in deed-of-trust states — it is NOT part of South Carolina's judicial foreclosure process. In SC, all foreclosure sales are court-supervised, and there is no trustee with a power of sale under a mortgage. The court must confirm the sale after the auction.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
A fixed-rate mortgage has an interest rate that remains constant for the entire term of the loan, resulting in equal monthly principal and interest payments throughout the life of the mortgage.
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