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.
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
Dakota Plains Legal Services
East River Legal Services
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)
