Stop Foreclosure South Dakota

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South Dakota SD Foreclosure Laws

Lenders in the state of South Dakota may foreclose on deeds of trusts and mortgages in default using either a judicial or non-judicial process.

Judicial Foreclosure

A judicial process of foreclosure requires that the lender file a lawsuit and attain a court order to foreclose on a particular property. This type of process is generally used when no power of sale is present in the mortgage or deed of trust. A power of sale is a clause found in a deed of trust or mortgage that authorizes the sale or transfer of land as outlined by the terms of that clause.

Non-Judicial Foreclosure

If a power of sale clause exists in the deed of trust or mortgage document, a non-judicial process of foreclosure is used. This allows the lender to sell the property and pay off the balance of the loan in the event the homeowner defaults. The power to sell may be completed by the lender or their representative in situations where a power of sale exists. The procedure for this type of foreclosure process is explained in the "Power of Sale Foreclosure Procedure" listed below.

Power of Sale Foreclosure Procedure

If the deed of trust or mortgage has a power of sale clause and it details the time, place and terms of sale, then the outlined procedure must be followed. However, if the power of sale clause does not clarify the time, place and terms of sale, then a foreclosure sale is conducted as follows:

A notice of foreclosure is published once a week for four (4) consecutive weeks. The lender must also serve a written copy of the notice to the borrower and any additional lien holders who have an interest in the property at least twenty-one (21) days before the date of sale.

The sale is held by public auction by the sheriff or his deputy. The lender is allowed to bid at the sale. The winning bidder receives the certificate of sale.

Usually, unless special short-term redemption mortgage provisions apply, borrowers have one year from the date of sale to redeem. If the property is 40 acres or less, and the mortgage contains a power of sale clause, then a one hundred and eighty day (180) day period of redemption exists. Abandoned properties have a time period of only sixty (60) days.

If the mortgage is a purchase money mortgage (a loan or loans used to buy the person's property) then a deficiency judgment is not allowed.

Legal Information Is Not The Same as Legal Advice This site provides information about South Dakota state foreclosure law designed to help users safely cope with their own legal needs and possible find alternatives. Everyone's legal status is different. The laws of every state are in constant change and we recommend you consult a lawyer.