Most foreclosures in South Dakota are nonjudical, which means the lender does not have to go to court in order to sell your home. It must, however, provide you with certain notices along the way. There are two other procedures for foreclosure in South Dakota – judicial (the lender sues you in court) and voluntary (this is similar to a deed in lieu of foreclosure.)
If the foreclosure goes through and the sale proceeds are not enough to cover the balance of your mortgage, your lender can sue you to collect the “deficiency” in judicial and nonjudicial foreclosures. However, the amount it can collect may be limited. If you go through a voluntary foreclosure, the lender cannot collect a deficiency.
Below you can learn about these and other key features of foreclosure procedures in South Dakota. And be sure to check out our Foreclosure Center for articles on foreclosure, alternatives to foreclosure, government programs to help you avoid foreclosure, and more.