Foreclosure Help in South Dakota

South Dakota remains one of the best places in America to raise a family. For this reason, the housing market continues to be strong. However, this can raise the risk of foreclosure. Let’s take a closer look at the current circumstances and how you can get assistance if you are starting the foreclosure process.

South Dakota Housing Prices

The average cost for housing in South Dakota is around $185,000 and the average price per square foot is about $160. If you are renting a property, you can expect to pay around $1,100, according to Trusted Choice. However, these prices have seen strong growth in recent years. Some estimates say that prices have increased by 6.58 percent since last year. This strong growth is expected to continue in the coming years, boosted by new construction in the area. For this reason, Zillow expects house prices to increase by 3.1 percent over the next year. This steady increase in prices will start to give more control to the sellers in the market, which could see further price increases.

Have a specific question about Avoiding Foreclosure in South Dakota? Check out our Foreclosure FAQ’s section.

For the moment though, it remains a buyer’s market meaning that prices remain affordable. This means that people are less likely to over-exert themselves to get a loan. For this reason, South Dakota has one of the lowest foreclosure rates in the country, with just 0.11 percent of properties going into foreclosure. However, if you do end up going foreclosure, it can be an emotionally challenging process. To make sure that you get the best possible outcome, you should be aware of your legal rights and some of the places you can turn to for help.

The Foreclosure Process In South Dakota

Most foreclosures in South Dakota are nonjudicial. This means that they can occur without the court needing to oversee the process. When this occurs, you will usually receive a notice of sale from the lender. This needs to occur 21 days before the intended sale of the property. In addition, they will need to place this notice of sale into the newspaper, once a week for four weeks. During this time, you will be able to take actions, like talking to your lawyer or discussing the situation with the lender. By doing this, you might be able to stop the foreclosure process.

In addition, you have the right to redeem the property. This means that, after the foreclosure sale, you have the right to buy the property back. You will usually have a year to do this. You can learn more about how the process occurs here if you want to read some of the relevant statues you can use this website.

Talking To A Lawyer During Foreclosure

One of the most important people to consult during a foreclosure is your lawyer. They will be able to discuss your situation and provide you with legal advice. This will ensure that you know your rights, so you can best handle the situation. So, book an appointment to talk to our friendly team today.