South Dakota Foreclosure Law
South Dakota foreclosures are accomplished most commonly
through the court system. Certain mortgages may be foreclosed
either in court or via advertisement, though foreclosure by
advertisement is uncommon.
Pre-foreclosure Period
In South Dakota, the foreclosure process is initiated by the
lender submitting a complaint in court of the borrower's
default. For most foreclosures, the borrower has 30 days to
answer court filing before the foreclosure process continues.
South Dakota does not require lenders to mail a default notice
to the borrower before initiating the foreclosure process;
however, many mortgages require this.
Notice of Sale / Auction
Once the court has ruled that the foreclosure can continue,
the lender publishes a notice of foreclosure sale in a local
newspaper. In addition, at least 21 days before the sale, the
lender must deliver a written copy of sale notice to the
borrower and any lien holders. Once publication requirements are
met, the county sheriff conducts a sale between the hours of 9
a.m. and 5 p.m. Anyone, including the lender may bid at the
sale. After sale, the winning bidder is provided with a sale
certificate and is entitled to a deed transferring ownership
once the redemption period expires. The borrower and any lien
holders have the right to redeem the property and void the sale
by repaying the total amount of the amount owed. Redemption also
requires written notice to the purchaser and the person making
the sale. The redemption period is six months unless the
property is vacant, in which case the redemption period is two
months.
CALL TODAY FOR A FREE AND CONFIDENTIAL CONSULTATION
(850)474-8884
|
