Homeowners/North Myrtle Beach, SC/HELOC Default
Second Mortgage & HELOC Default in North Myrtle Beach, SC
A defaulted HELOC in North Myrtle Beach, SC creates foreclosure risk separate from your first mortgage. Find foreclosure defense attorneys, settlement strategies, and lender negotiation resources.
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Situation overview
A defaulted HELOC in North Myrtle Beach, SC creates independent foreclosure risk. SC is a judicial foreclosure state, requiring a court order that typically takes 6-12 months. The statute of limitations on HELOC debt in SC is 20 years (S.C. Code 15-3-520) — significantly longer than NC's 10-year period.
What to do first
A defaulted HELOC creates foreclosure risk separate from your first mortgage. In North Myrtle Beach, HELOC lenders can foreclose independently, but underwater HELOCs have limited recovery options — creating settlement leverage for homeowners who act proactively.
Start with
- Contact your HELOC lender immediately to discuss modification or settlement — timing matters.
- Understand lien priority — if your first mortgage exceeds home value, the HELOC lender has weaker leverage.
- Get a written settlement agreement that includes a lien release before making any lump-sum payment.
Avoid
- Assume a charge-off eliminates the debt or lien — it is an accounting action, not a legal discharge.
- Make partial payments without a formal agreement — this can reset the statute of limitations.
- Ignore settlement tax consequences — forgiven debt over $600 may be reported as income on Form 1099-C.
SC law reference
Key legal facts for heloc default situations in South Carolina.
- Foreclosure type
- Judicial foreclosure via Court of Common Pleas unless non-judicial power of sale is expressly authorized.
- Homestead exemption
- South Carolina homestead exemption is adjusted periodically (about $63,250; verify current statutory amount).
Step-by-step action plan
A starting path you can follow before committing to any contract or agreement.
- Review your HELOC agreement for default terms, acceleration clauses, and the draw period end date.
- Contact your HELOC lender immediately to discuss modification, settlement, or forbearance options.
- Consult a foreclosure defense attorney — HELOC lenders can foreclose independently from your first mortgage.
Who to contact in North Myrtle Beach
HELOC and Foreclosure Attorneys
Hopkins Law Firm
Coastal SC foreclosure defense practice with offices in Myrtle Beach, Charleston, and Pawleys Island. Offers free consultations and handles residential foreclosure defense on a contingency fee basis.
Hopkins Law foreclosure defenseDavid Hart Breen, Attorney at Law
Attorney David Hart Breen has 40 years of experience and has represented over 5,000 clients in consumer and business bankruptcy, foreclosure defense, and real estate matters in Horry County.
David Hart Breen attorney profileDuRant & DuRant, P.A.
Attorney Frank DuRant has practiced real estate law in Myrtle Beach since 1979. Julian DuRant joined after clerking in the federal judiciary. The firm handles foreclosures, property disputes, and real estate transactions.
DuRant & DuRant real estate lawOhanesian Law Firm
Founded over 40 years ago with two generations of lawyers and over 140 years of combined legal experience. Attorney Glenn Ohanesian has served as President of the Horry County Bar Association.
Ohanesian Law FirmMortgage Servicer and Bank Loss-Mitigation Contacts
Wells Fargo Mortgage Assistance
Wells Fargo loss-mitigation contact for forbearance, repayment plans, and modification review for qualifying mortgage borrowers.
Wells Fargo mortgage helpBank of America Mortgage Assistance
Bank of America loss-mitigation contact for forbearance, repayment plans, and modification review for qualifying mortgage borrowers.
Bank of America mortgage helpTruist Mortgage Assistance
Truist loss-mitigation contact for forbearance, repayment plans, and modification review for qualifying mortgage borrowers.
Truist mortgage helpChase Mortgage Assistance
Chase loss-mitigation contact for forbearance, repayment plans, and modification review for qualifying mortgage borrowers.
Chase mortgage helpFirst Horizon Mortgage Assistance
First Horizon loss-mitigation contact for forbearance, repayment plans, and modification review for qualifying mortgage borrowers.
First Horizon mortgage helpHousing Counseling and Foreclosure Prevention
HUD Housing Counselor Search Portal
Primary HUD counselor lookup portal for North Myrtle Beach homeowners; filter by Horry County or local ZIP code for nearby approved counseling agencies.
Open HUD counselor search portalOriginSC Foreclosure Prevention Counseling
HUD-certified and SC Housing-approved nonprofit providing foreclosure prevention counseling, reverse mortgage counseling, and homebuyer education for coastal SC homeowners.
OriginSC housing counselingSouth Carolina Housing Foreclosure-Avoidance Resources
State housing agency page with loan-counselor contacts, loss-mitigation guidance, and escalation paths for borrowers behind on mortgage payments.
South Carolina Housing foreclosure resourcesHorry County Treasurer
County tax-payment and collections office for property-tax balances, delinquency questions, and payment processing. Installment payment plans available for real property taxes.
Horry County Treasurer officeHorry County Assessor
County appraisal and listing office for valuation, legal-residence review, and assessment questions tied to Horry County real property. Quadrennial reassessments (most recent: 2024).
Horry County Assessor officeFree and Low-Cost Legal Aid
South Carolina Legal Services - Conway Office
Regional legal-aid office serving Horry, Georgetown, Marion, and Williamsburg Counties with free civil legal help including housing, foreclosure prevention, consumer debt, and family-law intake for eligible households.
SC Legal Services Conway officeSouth Carolina Legal Services - Online Intake
Statewide intake portal and hotline for civil legal screening, case prioritization, and referral to the appropriate local legal-services office.
Start SCLS intakeSouth Carolina Bar Lawyer Referral Service
Referral option for residents who need private-counsel consultation when legal-aid eligibility is not met or specialized representation is required.
SC Bar lawyer referralHELOC Default Real Estate Agents in North Myrtle Beach
Chamiese Evans — Licensed Realtor
Specializing in helping North Myrtle Beach homeowners navigate heloc default situations — whether that means selling, negotiating, or exploring every option before making a decision. NorthGroup Real Estate.
Visit listrobin.comCommon questions
Can my HELOC lender foreclose even if my first mortgage is current in North Myrtle Beach?
Yes. Your HELOC is secured by its own deed of trust, giving the lender independent foreclosure rights. However, foreclosing on a junior lien is rare when the first mortgage balance exceeds the home value, because the HELOC lender's recovery would be limited.
What happens when a HELOC is charged off?
A charge-off is an accounting action by the bank at 180 days past due — it does NOT eliminate the debt or the lien. The lender or a debt buyer can still pursue foreclosure, sue for the balance, or sell the debt to collections.
Can I negotiate a settlement on a defaulted HELOC in North Myrtle Beach?
Yes, especially if the HELOC is underwater (home value is less than the first mortgage balance). Settlements of 10-30 cents on the dollar are common for underwater HELOCs. Always get a written agreement that includes a lien release before paying.
Related situations in North Myrtle Beach
Homeowners dealing with heloc default often face overlapping issues. These resources may also help.
HELOC Default in other cities
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View resourcesResearched by CC Evans, Marketing Analyst — RobinOffer
Last reviewed: February 2026
This directory is for informational purposes only. It does not constitute legal, financial, or tax advice. Confirm all options with licensed counsel or a qualified financial professional before signing any agreement.
Sources: SC Code of Laws · HUD.gov · CFPB.gov
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