Lesson #1: Be Proactive
If you are having difficulty making your mortgage payments, one of the most important things you can do is be proactive. Learn about the foreclosure process for South Dakota and find out more about the resources on a local, state and national level available to assist you in working with your lender and your finances.
In 1970, Congress created Freddie Mac with a few important goals in mind: make sure that financial institutions have mortgage money to lend; make it easier for consumers to afford a decent house or apartment; and stabilize residential mortgage markets in times of financial crisis.
To fulfill this mission, Freddie Mac conducts business in the U.S. secondary mortgage market – meaning they do not originate loans – and works with a national network of mortgage lending customers. They have three business lines: a Single Family Credit Guarantee business for home loans; a Multifamily business for apartment financing; and an investment portfolio. They also offer a resource on Avoiding Foreclosure.
- NAR’s consumer website gives information on everything you need to protect, maintain, and enhance the value of your home.
- NAR also offers Short Sale information.
- The Federal Deposit Insurance Corporation offers a Foreclosure Prevention Toolkit.
- U.S. Department of Housing and Urban Development (HUD) has information on avoiding foreclosure.
- HUD also has a list of approved housing Counseling Agencies.