South Dakota Foreclosure Law

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South Dakota Foreclosure Laws

Typical South Dakota Foreclosure Time Frame – Typical South Dakota foreclosure times are approximately 90 days.

Judicial Foreclosure – Yes

Non-Judicial Foreclosure – Yes

Types of Security Instruments – Mortgage and Deed of Trust

Right of Redemption Period – Varies; ranges typically from 60 days to up to 365 days.

South Dakota foreclosure laws allow lenders to seek either a judicial or non-judicial foreclosure in the event that a buyer defaults on the mortgage.  In order to obtain a judicial foreclosure the lender is required to sue the borrower in court  In a non-judicial foreclosure the lender is using the authorization that is given to them in the power of sale stipulation or clause from the mortgage contract.

According to South Dakota foreclosure law, in a non-judicial foreclosure the lender must follow any stipulations, guidelines or terms and conditions set forth in the power of sale clause.  If the time and place are set forth in the clause these must also be followed.  In the event that the power of sale does not include the terms of the sale South Dakota foreclosure laws provide guidelines that lenders must follow.

The first step of a South Dakota foreclosure requires a Notice of Foreclosure and Sale to be advertised in the local public newspaper a minimum of once a week for at least four weeks in advance.  The notice is required to include the exact information about the time and date of the sale, in addition the identify of the lender, the borrower, the original date of the mortgage and the amount due on the mortgage currently must be listed.  A description of the property is also required.

The lender is also required to serve a copy of the notice on the borrower and any other lien holders a minimum of 21 days before the sale date.

The sale itself under South Dakota foreclosure law must be conducted by the sheriff for the county in which the property is located, or the deputy of their choice.  The sale must take place between the hours of 9a.m. and 5p.m. at the location that was given in the notice.  At the sale, the high bidder will receive a certificate of sale from the person conducting the sale.

In the event that it is necessary to postpone the sale, a notice of postponement must be published in the same newspaper in which the original sale notification was published.  The publication must continue until the actual sale occurs.

Borrowers are granted rights of redemption under South Dakota laws but the times do vary.  The times are as short as 60 days for property that has been abandoned and as long as one year for property, that is residential.  In addition, some mortgage contacts include information limiting the rights of redemption that buyers have.

Lenders are allowed to obtain deficiency judgments under South Dakota foreclosure law; however, decisions by the courts are on a case-by-case basis and are not guaranteed.

For more information on South 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.