My question involves collection proceedings in the State of: SC
I am being sued for a personal loan for an investment in a small company that has not been profitable in SC. I have been unable to pay any money on the loan since I also financed additional equipment. The man did not want any paper work with specific terms of the loan. Arrangements were only discussed. He wrote a check for $7,500 and wrote "loan" in the memo section. About 6 months have passed since. I have offered all equipment purchased with the money he loaned but he will not take it. He only wants the money in full.
I have been told that there is a chance I could lose a second home I own in an aucton in order to get the money. My ex wife and children reside in that home and depend on it for housing. Is it actually a possibility to lose the house?

Thanks for any info!