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A few potential ways to stop a foreclosure include reinstating the loan, redeeming the property before the sale (or for a short period after the sale), or filing for bankruptcy. Of course, if you're able to work out a loss mitigation option, like a loan modification, that will also stop a foreclosure.
In general, the borrower gets one year to redeem the home after a South Dakota foreclosure sale. (S.D. Codified Laws § 21-52-11). But if the mortgage is a short-term redemption mortgage, the redemption period is 180 days after the purchaser from the foreclosure sale records a certificate of sale in the land records.
How to Respond to a Foreclosure Summons Step 1: Read the Summons. ... Step 2: Speak to Foreclosure Lawyer. ... Step 3: Decide If You Want to Contest. ... Step 4: Prepare a Mortgage Foreclosure Appearance and Answer to the Complaint. ... Step 5: File the Form with the Court Clerk. ... Step 6: Send a Copy of Your Answer to the Other Parties.
The nonjudicial process is pretty straightforward: The lender serves the borrower a notice of sale at least 21 days before the sale date and publishes the notice in a newspaper once a week for four weeks. (S.D. Codified Laws § 21-48-6.1, § 21-48-6). Then the lender can sell the property at a foreclosure sale.
In Oklahoma, the lender typically files a lawsuit in court to foreclose. This process is called a "judicial" foreclosure. You'll get a summons and complaint notifying you of the suit. If you fail to answer the court action, the lender can get a default judgment from the court.
You file an answer within 20 days after service. (Please contact an attorney for assistance with filing an Answer). The mortgage company files a motion for summary judgment. Even though you have no defense, the court still has to wait 18 days before granting the motion for summary judgment.
This program uses federal money to help homeowners in Oklahoma make mortgage payments and pay other housing-related expenses so they can avoid foreclosure. In most cases, after a 120-day loss mitigation waiting period, a bank can start foreclosing on an Oklahoma home using one of the processes that state law allows.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.