South Dakota State Foreclosure Laws
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South Dakota Foreclosure
Laws
- Judicial Foreclosure Available:
Yes
- Non-Judicial Foreclosure
Available:
Yes
- Right of Redemption:
Varies
- Deficiency Judgments allowed:
Varies
- Special Comments:
None
Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines"..
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
- A foreclosure notice must be published once a week for four successive weeks in a newspaper of general circulation in the county where the premises are located.
- At least twenty-one days prior to the date set for sale, the lender must serve a written copy of the notice of foreclosure sale on the borrower and any lien holder whose interest in the property being foreclosed would be affected by the foreclosure.
- Said notice must contain the names of the borrower and lender, the mortgage date, the amount due, a description of the premises and the time and place of sale.
- The sale must be made by the sheriff of such county, or his deputy, between the hours of 9:00 am and 5:00 pm to the highest bidder. Any person including the mortgagee (lender) may bid at the sale. The winning bidder will receive a certificate of sale.
- The sale may be postponed, from time to time, by inserting a notice of such postponement, as soon as possible, in the newspaper in which the original advertisement was published, and continuing such publication until the time when the postponed sale occurs.
The sale may be postponed, from time to time, by inserting a notice of such postponement, as soon as possible, in the newspaper in which the original advertisement was published, and continuing such publication until the time when the postponed sale occurs.
State Law information provided by Foreclosurelaw.org
What can you do
Our foreclosure specialists understand what your Mortgage Company requires to avoid foreclosure or stop foreclosure. We understand what it takes to get a mortgage workout approved.
We will use one of these strategies or perhaps a combination of workout plans to develop your personalized strategy to stop foreclosure:
- Reinstatement Plan
- Repayment Plan
- Loan Modification/Loan restructuring
- Loan Refinance
- Loan Forbearance
- Partial Claim
- Pre-Foreclosure Sale
- Short Sale
- Deed-in-Lieu of Foreclosure
We call ourselves Specialists because we
SPECIALIZE in helping people get out of foreclosure.
Our Name, American Foreclosure Specialists, is the name that you can trust.
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