South Dakota Foreclosure Laws

There is nothing terribly unusual or off the wall when looking at the laws here in the western state of South Dakota. Both methods of foreclosure are allowed here and a completed foreclosure takes, on average, a total of 90 days to complete.

The borrowers’ right of redemption varies here and the lenders right and ability to file for a deficiency judgement also is variable on a case by case basis as we will examine in a few moments.

The judicial method of foreclosure is a textbook case requiring that the lender sues the borrower in default, and obtains a court order to foreclose. This procedure is used when no power of sale clause is included in the mortgage or deed of trust.

The non-judicial foreclosure may be carried out by following these steps, there has to be a notice of foreclosure and sale must be published weekly for a full four consecutive weeks in a newspaper that is available in general circulation in the county in which the property is located. This notice must identify both the borrower and the lender and also has to include the time and date of sale. The notice also has to include a legal description of the property in question, the original date of the mortgage and the amount due at the current time.

Then at least twenty-one days prior to the sale, the borrower and any other lien- holder whose interest might be affected by the foreclosure must be served with a copy of the notice of foreclosure and sale.

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