South Carolina Code 29-3-780. Entry of release of mortgage on land sold in foreclosure sale
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Terms Used In South Carolina Code 29-3-780
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Upon confirmation of the circuit court of the report of the master or the other officer making a sale of lands pursuant to decree of foreclosure, the officer of the court making the sale shall cause to be recorded in the office where the foreclosed mortgage is recorded a release, cancellation, and satisfaction of the lien in the form prescribed in § 29-3-790. However, nothing in this section may be construed to satisfy any unpaid portion of the debt secured by the mortgage.