Stop Foreclosure in South Dakota

 


How to Stop Foreclosure in South Dakota

The concept of foreclosure is pretty simple. This process works when a person is unable to pay for his or her dues because of certain budget constraints. The thing is, regardless of the condition that a person is in, there is no excuse for not paying his or her debts. When a person is unable to pay for a mortgage, a notice is sent to remind them of the schedule of their payment. If after several days no payment has been made, then chances are foreclosure will take place.

When a foreclosure notice has already been submitted and still no payment is made after 30 days, this will automatically reflect negatively upon the debtors name. This being said, it is important to take such ownership with utmost importance.

In cases wherein the customer refuses to communicate with the financial agent or the bank where the mortgage was previously applied, more grave punishments will be taken into account. This is why, even if you are no longer able to pay your dues, it is still important to keep an open line of communication with your lenders.

In situations wherein after the foreclosure notice has already been sent and no payment is still made, then chances are you will then be given a notice of eviction. This process allows the debtor to legally evict you from your home even if you have already paid for it for a month or two. This is because your payment will already be considered void when you can no longer pay for your home.

If you refuse to leave your home even when eviction is already taking places, then chances are there would be intervention on the part of the officials. In whatever situation, the most important thing to remember is to never invest on something if you do not necessarily have enough money to pay for it.

Synopsis of South Dakota Foreclosure Laws

Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: Yes

Primary Security Instruments: Deed of Trust, Mortgage

Timeline: Typically 90 days

Right of Redemption: Varies

Deficiency Judgments Allowed: Varies

In South Dakota, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”.

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

  1. A foreclosure notice must be published once a week for four successive weeks in a newspaper of general circulation in the county where the premises are located.
  2. At least twenty-one days prior to the date set for sale, the lender must serve a written copy of the notice of foreclosure sale on the borrower and any lien holder whose interest in the property being foreclosed would be affected by the foreclosure.
  3. Said notice must contain the names of the borrower and lender, the mortgage date, the amount due, a description of the premises and the time and place of sale.
  4. The sale must be made by the sheriff of such county, or his deputy, between the hours of 9:00 am and 5:00 pm to the highest bidder. Any person including the mortgagee (lender) may bid at the sale. The winning bidder will receive a certificate of sale.
  5. The sale may be postponed, from time to time, by inserting a notice of such postponement, as soon as possible, in the newspaper in which the original advertisement was published, and continuing such publication until the time when the postponed sale occurs.

If the property is 40 acres or less, and the mortgage contains a power of sale clause, then a 180-day period of redemption exists. If the property is abandoned, the time period is reduced to 60 days. Generally, unless special short-term redemption mortgage provisions apply, borrowers may redeem within one year of the date of sale.

Where to go to for Foreclosure Help

Sioux Falls Field Office

Department of Housing and Urban Development
4301 West 57th Street Suite 101
Sioux Falls, SD 57108

Phone: (605) 330-4223
Fax: (605) 330-4465

Jurisdiction: State of South Dakota

Sheryl Miller
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Stop Foreclosure Early

Wells Fargo – Mission
605-856-4413
112 N Main St
Mission, SD

Wells Fargo – Sioux Falls Southeast
605-330-1168
2800 E 26Th St
Sioux Falls, SD

US Bank – Sioux Falls – Main Office
(605) 339-8600
141 N Main Ave
Sioux Falls, SD

Wells Fargo – Brandon
605-582-6518
1228 E Holly Blvd
Brandon, SD

Wells Fargo – Winner
605-842-1313
425 S Main St
Winner, SD

Wells Fargo – Mitchell
605-995-3500
403 N Lawler St
Mitchell, SD

Wells Fargo – Richmond Hills
605-575-4300
910 N Sycamore Ave
Sioux Falls, SD

Wells Fargo – Robbinsdale
605-394-3960
1035 E St Patrick St
Rapid City, SD

US Bank – North Office
(605) 782-0420
1500 N Minnesota Ave
Sioux Falls, SD

Wells Fargo – Brookings
605-692-6245
527 Main Ave
Brookings, SD