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South Dakota Judicial Foreclosure Available: Yes Non-judicial Foreclosure Available: Yes If the mortgage contains a power of sale clause,
then it may be foreclosed by advertisement, provided that there is a default
on the mortgage. Alternatively, the lender may sue for a judgment against the
borrower for the amount of the debt due and an order of sale. Non-judicial Foreclosure Preliminary Notices Contents The foreclosure notice must give 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. Advertising A foreclosure notice must be published once a week
for four successive weeks in a newspaper in the county where the premises are
located. Sale Procedures Time The time must be between 9 A.M. and 5 P.M. Manner The sale is made by the sheriff at public auction to
the highest bidder. The lender may bid, too. The winner gets a certificate of
sale. Once the redemption period runs out, the buyer gets a deed. Any surplus
remains on deposit with the clerk of the court for three months for possible
claimants. Postponement The sale may be postponed. Judicial Foreclosure A lender may foreclose by filing a lawsuit in the
circuit court of the county where the property is located. Service of process
may be obtained by publication, if necessary. The lender may seek either or
both of an order of sale and a judgment for the balance due on the mortgage.
Once the court finds foreclosure to be appropriate, then the sale may be made
by a referee or sheriff, or anyone else appointed by the court. If the lender
plans to bid, but the borrower submits competent evidence as to value, then
the court may order the premises to be sold at their fair and reasonable
value less the balance due on the loan. The borrower will receive a
certificate of sale at the foreclosure. A deed will subsequently be issued
once the redemption time period expires. Deficiency 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 permitted in South Dakota. Redemption If the tract of land is 40 acres or less, and the
mortgage contains a special power of sale clause, then a 180-day period of
redemption exists. If the property is abandoned, the time period becomes only
60 days. Generally unless the special short-term redemption mortgage
provisions apply, all persons may redeem within one year of the date of sale. |
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