South Dakota Foreclosure Process

The South Dakota foreclosure process occurs rather quickly because so many homes have been lost to the lenders and the lenders are doing everything that they can to recover the homes quickly to minimize the amount of damage done and recover as much money as possible for the properties.

If you have missed monthly payments on your mortgage and the South Dakota foreclosure process has begun then you won’t have much time. Once the lender sends you a notice of default or once it has been posted in the local newspaper things are serious. You need to find a way to come up with the missing monthly payments and penalty fees or you need to start looking for a new place to live. The lender doesn’t want your house and they don’t want to take it from you but they cannot let you live there for free. Plus, the lender knows that once the South Dakota foreclosure process begins on a home the borrowers damage the property and they stop all maintenance on them entirely. This is why the lenders push the process as quickly as possible, sometimes as quickly as 6 months.

If you have not worked out a deal with the lender to make up the monthly payments then the lender will file to auction the property with an intent to sell through the courthouse. The county will hold the auction at the courthouse on a weekend and it will be open to the public. If you have worked out a deal with the lender or you were able to come up with the money to stop the foreclosure then the auction will be canceled and you will have the opportunity to go on making your mortgage monthly payments as before. Keep in mind that if you come up with an agreement to stop the South Dakota foreclosure process with the lender and you fail to comply with the promises in the agreement then the process will start up again. The second time the process begins a lender may not be likely to work with you to save the property and the process might begin where it left off. This means the 6 month process may be shortened to as little as four.

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