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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.


The Obama Administration’s Home Affordable Foreclosure Alternatives Program (HAFA), will help homeowners who are unable to retain their home under the Home Affordable Modification Program (HAMP), by providing incentives for short sales and deeds-in-lieu of foreclosure. HAFA offers financial incentives for the borrowers and loan servicers to choose these options over foreclosure proceedings and attempts to streamline the short sale process by providing a standard process, time frames and standard documentation.

Fannie Mae

Fannie Mae is committed to supporting and aiding in the efforts to stabilize the housing market. If you are one of the many homeowners facing tough choices in today’s economy Fannie Mae is a resource to tap into as they may be able to offer assistance with your mortgage and other options to stay in your home.

Freddie Mac

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.


Additional Resources