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Your Options to Avoid Foreclosure Reinstate Your Loan. ... Enter Into a Repayment Plan. ... Enter Into a Forbearance Agreement. ... Refinance. ... File for Chapter 7 or Chapter 13 Bankruptcy. ... Give Up Your House In a Short Sale or Deed in Lieu of Foreclosure. ... Workouts for Government-Backed Mortgages. ... Getting Help.
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.
Foreclosures, like other negative credit report entries, have adverse impacts on credit scores as long as they remain on your credit reports. A foreclosure hurts your scores most in the first months and years after it appears on your credit reports, and its effect on your scores diminishes over time.
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.
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.