South Dakota Foreclosure Timeline and Laws

South Dakota Foreclosure Process and Procedure

If you default on your mortgage, your lender can institute foreclosure proceedings against you and auction your property at a foreclosure sale.

South Dakota’s preferred method of foreclosure is by non-judicial foreclosure. Lenders can also go to court for a judicial foreclosure proceeding called foreclosure by action.

Notice Requirements for Foreclosure in South Dakota

Prior to initiating a foreclosure, the lender must publish a notice of foreclosure for 4 successive weeks in a newspaper of general circulation in the county where the property is located. Notice must be served on the borrower and interested parties at least 21 days prior to the sale. Homestead properties require 8 week’s notice prior to sale.

South Dakota Deficiency and Anti-Deficiency Laws

The lender may obtain a deficiency judgment if the property is sold at a public sale for less than the loan amount.

South Dakota Redemption Rights

South Dakota has a post-sale statutory right of redemption allowing the borrower to redeem the property by paying the arrearage and costs and fees within one year of the sale. In special situations, the redemption is shortened to 180 days, unless the property is vacant, then the redemption period is two months after the sale.

South Dakota Assistance, Special Programs, Government Help, and Law Updates

Foreclosure Programs:

• South Dakota Foreclosure Avoidance Counseling -HUD
• The Home Affordable Mortgage Modification Program
• The Home Affordable Refinance Program
• The Home Affordable Foreclosure Alternatives Program
• FHA Secure
• Hope for Homeowners

Foreclosure Lawyer

South Dakota foreclosure laws are complex. It is recommended that you consult with a foreclosure lawyer who can advise you about options to avoid foreclosure including refinancing, reinstatement, deed in lieu, mortgage modification, short sale or bankruptcy.