South Dakota Foreclosures - Sioux Falls Foreclosures
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Avoiding Foreclosures : South Dakota
South Dakota foreclosure law requires that you have the right to redeem your property from foreclosure. If you agree to this voluntary foreclosure you will be giving up your right to redeem your real estate.
Under foreclosure law, if your mortgage lender does not receive enough money to cover what you owe when the property is sold, you could be required to pay the deficiency. If your mortgage lender receives more money than you owe, the difference must be paid to you. If you agree to this voluntary foreclosure you will not have to pay any deficiency but you also will not be paid any excess, if any.
NOTE: There may be other advantages and disadvantages, including an effect on your income tax liability. If you have any question or doubts, you are encouraged to obtain competent advice.
South Dakota Hud : Sioux Falls HUD Field Office
Department of Housing and Urban Development
2400 West 49th Street Suite I-201
Sioux Falls, South Dakota 57105
Phone: 605) 330-4223
Fax: (605) 330-4465
TTY: (605) 330-4426
Jurisdiction: State of South Dakota
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