South Dakota Home Loan Modification – Modify Your Mortgage in South Dakota

Free Loan Modification Consultation

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With the increasing number of foreclosure processes in South Dakota, expect that it negatively affects both the homeowners and the banking system. This situation started when the banks approved many mortgages even to those who aren’t capable to make the payments and without financial stability. Most of the loans given to the people above ended after short time and the banks wanted to recover the money invested by starting foreclosure processes.

This process deprived the debtor of their rights on their property and the ownership of the properties was taken by the lender. The lenders, like the banks, sell the foreclosed homes in the market at a lower price; however, the market was overwhelmed by a huge number of foreclosed homes. Aside from that, the decreasing number of investors interested in properties contributes to the problems. A new approach to solve the crisis was that of cooperation between the lenders and its debtors. The government did not want to penalize debtors who failed to pay their monthly rates. In this way, the debtor will not choose to default. He/she will have to continue the collaboration with the lender so that he/she can save the home from being foreclosed. This is possible thanks to the loan modification program, which was legalized since February 18, 2009. This is both beneficial for the creditor and debtor.

There are things you must know before applying for a loan modification. For example, you can only be eligible for this program if you have well founded and valid reasons. This process is made to help people who are currently undergoing financial difficulties and this is the alternative for the foreclosure process. Present valid proofs or reasons why you incur financial collapse. Examples of events why people experience collapse in their financial life are the following: loss of job, going through a divorce process or losing a family member brining important financial contribution. The bank will understand these cases; hence they will try to revise your contract and make it more suitable and affordable for you. There are times that the paper works here are very stressful, but you can hire a lawyer to be your representative. He/she will do the job for you: negotiating, doing the paper works and everything included in process. His/her main goal is to meet your needs about the loan modification.

The loan modification program was a very successful after its implementation. It brought benefits to both mortgagee and mortgagor. There is no more need for the borrowers to resort in defaulting their loans because they have the right to request for a revision of the mortgage agreement.

South Dakota Mortgage Companies

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

South Dakota Legal Services

Dakota Plains Legal Services

Assistance: Consumer and Housing
Location: Statewide
Website: www.dpls.org
Phone: 800-658-2297
Services: Dakota Plains Legal Services provides legal representation, advocacy, conflict resolution, and community education options to meet the legal needs of the Native American and non-Native American clients in the community.

East River Legal Services

Assistance: Homeownership Preservation
Location: Statewide
Website: http://www.selinuluc.com/helpSD/Erls/Erls/
Phone: 605-336-9230 or 800-952-3015
Services: East River Legal Services (ERLS) is a private, non-profit corporation that provides FREE legal assistance to low-income persons in 33 counties in eastern South Dakota.

Avoid Mortgage Scams South Dakota

Attention homeowners: If you think you have been a victim of a scam, or approached by a scammer, report it to the Loan Modification Scam Prevention Network now! Your complaint could provide vital information that will help put loan modification scammers out of business.

Call 1-888-995-HOPE (With your permission, the complaint will automatically be shared with federal, state and local law enforcement)