TITLE REQUIREMENTS FOR TERMINATED PROPERTIES
SOUTH DAKOTA
Title 38 CFR 36.4319 requires the holder of a VA guaranteed mortgage to send a copy of every procedural paper filed by or served upon the holder in any legal and/or foreclosure action to VA. These procedural papers are:
TITLE REQUIREMENTS FOR FORECLOSED PROPERTIES
Judicial Foreclosure:
- Summons and Complaint, with exhibits.
- Findings of Fact and Conclusions of Law or Proof of Service, if available.
- Judgment & Decree and Notice of Entry of Judgment.
- Notice of Mortgage Foreclosure Sale & Affidavit of Publication.
- Sheriff's Certificate of Sale (the recorded original).
- Return of Sale of Real Property.
- Order Confirming Sale of Real Property, if available.
- Recorded Assignment of Sheriff's Certificate of Sale.
- Assignment of Deficiency Judgment, If applicable .
- Any bankruptcy documents filed by the borrowers .
Foreclosure by Advertisement:
- Published Notice of Foreclosure Sale.
- Affidavit of Publication.
- Affidavit of Non-military Status.
- Sheriff's Certificate of Sale.
- Recorded Assignment of Sheriff's Certificate.
- Any notices served on the owner or occupants.
Also provide the following documents:
- Original or certified copy (by holder) of Mortgage Note endorsed without recourse to "Secretary of Veterans Affairs, an Officer of the United States," or for cancellation.
- Original or certified copy of the Mortgage and Assignments.
- A final owner's title policy scheduling the foreclosure record and naming as an insured, "Secretary of Veterans Affairs, an Officer of the United States, whose address is, c/o Ocwen Federal Bank FSB, 12650 Ingenuity Drive, Orlando, FL 32826, His or Her Successors and Assigns." Insurance should be obtained in an amount not less than the bid at the Sheriff's sale and will include allowable exception in Schedule B indicating the owner's right of redemption. (See Loan Guaranty Memorandum 88-14)
- Any deeds involving subsequent transferees obtaining title to the security after the original veteran-purchaser.
- The original Mortgagee's Title Insurance Policy.
- FEMA Form 81-93, Standard Flood Hazard Determination.
TITLE REQUIREMENTS FOR VOLUNTARY CONVEYANCE
- Mortgage and all Assignments, recorded (Originals or certified copies)
- Mortgage Note endorsed without recourse to "Secretary of Veterans Affairs, an Officer of the United States."
- Proof of any conveyance involving subsequent transferees who obtained title after the veteran-purchaser.
- Mortgagee's Title Policy.
- Recorded Warranty Deed from owner to holder.
- Recorded Warranty Deed transferring title to "Secretary of Veterans Affairs, an Officer of the United States, whose address is c/o Ocwen Federal Bank FSB, 12650 Ingenuity Drive, Orlando, FL 32826".
- Estoppel Affidavit signed by Owner.
- Satisfaction of Mortgage by Holder (recorded).
- EITHER
- A final Owner's Title Policy showing clear title in the name of the "Secretary of Veterans Affairs, an Officer of the United States, whose address is c/o Ocwen Federal Bank FSB, 12650 Ingenuity Drive, Orlando, FL 32826, His or Her Successors and Assigns"; OR in the alternative
- An Abstract of Title that has been continued to a current date with usual searches (including, judgement, bankruptcy and taxes).
SHERIFF'S DEED. VA will obtain the Sheriff's Deed after expiration of the redemption period based upon your Assignment of the Sheriff's Certificate of Sale.
REDEMPTION PERIOD. Please advise VA of what date the redemption period expires.
MAILING ADDRESS: Send all legal documents for properties located in South Dakota within 180 days of the foreclosure sale to the following address:
COUNTRYWIDE HOME LOANS
ATTN: VA REO
MS RGV-B-85
2375 N GLENVILLE DRIVE
RICHARDSON, TX 75082
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