North Dakota Foreclosure Law

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North Dakota Foreclosure Laws

Typical North Dakota Foreclosure Time Frame – Typical foreclosure time in North Dakota is approximately 90 days.

Judicial Foreclosure – Yes

Non-Judicial Foreclosure – No

Types of Security Instruments – Mortgage

Right of Redemption Period – 365 days or 12 months; however, with a redemption clause in some mortgages it can be reduced to only 6 months.

North Dakota foreclosure laws only permit lenders seeking to remedy a default the option of using a judicial foreclosure.  In order to seek a foreclosure the lender is required to mail an Intent to Foreclose to the borrower.   The lender must mail a copy via either certified or registered mail to the borrower and this must be done a minimum of 90 days prior to the lender seeking any form of suit against the borrower.  The notice is required to include a legal description of the property, the original date and amount of the original mortgage, detailed and itemized lists for all principal, interest, and taxes that are delinquent, and must include a statement informing the borrower that a suit will be filed if the balance is not corrected in 30 days.

According to North Dakota foreclosure law, the borrower has a period of 30 days from the date the notice was mailed in which to bring the defaulted amount current.  If the borrower does not bring the balance current the lender proceeds with a suit to obtain a Decree of Foreclosure.  The clerk of the court is then required to advertise the property as being for sale. 

The sale itself under North Dakota foreclosure law is required to be conducted either by the sheriff of the county in which the property is located, or by the deputy of the sheriff’s choice.  At the completion of the sale, the high bidder will receive a certificate of sale.

The borrower in North Dakota is permitted to stop the foreclosure process by paying the amount that is delinquent plus the foreclosure costs that have accrued before the courts confirm the sale.  The borrower is also permitted to redeem the property by paying the balance due on the loan plus all costs associated with the foreclosure process, the borrower has a period of one year in which to do this.  However, if a clause is included in the mortgage contract it can reduce this period to only 6 months.

Lenders are allowed under North Dakota foreclosure law to obtain a deficiency judgment if the property does not sell for enough to satisfy the entire loan balance.

For more information on North Dakota foreclosure laws click here.

 

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The information found on this site is not intended to be legal advice. The foreclosure process is highly case specific and laws vary throughout the United States. Please seek professional legal counsel before entering into any contract regarding any real property or stopping the foreclosure on any real property. By using this site you consent to the terms posted here.