I know that in SC it's a judicial foreclosure. I also read that there is no redemption period for the mortgagor. My questions are:
How late into the process can I purchase the home?
How late into the process can I assist someone with a short sale?
Are there any hiccups with wholesaling a pre-foreclosure in SC? Does a judge have to approve it?
I would also assume that a judge has to approve a short sale too? Or only if there's a bankruptcy?
Thank you for the help!
How late into the process can you purchase the home? Up until the day of the sale.
How late into the process can you assist someone with a short sale? Lender is not required to consider a short sale anytime they are within 36 days of sale (Federal rule) or shorter if state requirements are more restrictive.
Judge/court has nothing to do with a short sale. If the lender is going to consider a short sale, they'll dismiss their suit or take it off calendar (Or whatever that district court's requirements are) if there is an active judicial foreclosure on calendar.
Yes, judge would have to approve short sale (or any sale) if there is a bankruptcy.
- Not giving legal or financial advice...just opinion.
@Josh Wagner Attending a local REIA meeting will be a great opportunity for you to network and to find answers specific to that locale. Definitly try going to one.