Summary of South Dakota's Foreclosure Laws

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If you are facing foreclosure in South Dakota, it’s important to understand some of the basics, including:

  • the most common type of foreclosure procedure (judicial v. nonjudicial) used in South Dakota
  • how much time you have to respond
  • your rights and protections in the process, and
  • what happens afterwards (for example, whether you’ll be liable for a deficiency judgment).

Below we have outlined some of the most important features of South Dakota foreclosure law. Keep in mind that this is just a summary; we’ve included statute citations so you can get more details from the laws themselves. And be sure to check out Nolo’s extensive Foreclosure section, where you can find information about all aspects of foreclosure, definitions of foreclosure terms (like redemption and reinstatement), and options to avoid foreclosure.

Topic

State Rule

Most common type of foreclosure process

Nonjudicial under power of sale in deed of trust, but homeowner may choose judicial foreclosure

Time to respond

Before foreclosure, foreclosing party must publish notice once a week for four weeks and must serve homeowner with written notice (including statement telling homeowner of the right to insist on judicial foreclosure) 21 days before sale.

Reinstatement of loan before sale

Judicial: Available until court enters foreclosure judgment. S.D. Cod. Laws Ann. § 21-47-8

Nonjudicial: Not available

Redemption after sale

Judicial: Available for one year after the sale unless mortgage contains language identifying it as a short-term redemption mortgage, which provides a six-month redemption period. S.D. Cod. Laws Ann. § 21-52-11

Nonjudicial: Not available

Special protections for foreclosures involving high-cost mortgages

None

Special state protections for service members

S.D. Cod. Laws Ann. § 33-17-15.1

Deficiency judgments

Allowed, but if mortgage holder buys property at foreclosure sale, amount of deficiency is limited to difference between house’s actual market value at time of sale and amount owed on mortgage.

Cash exempted in bankruptcy

$5,000 for one person, $7,000 for a married couple

Notice to leave after house is sold

Judicial: Judge may order possession given to buyer after redemption period expires. After redemption period ends, new owner must give former owner a three-day notice to quit (leave) and then file an eviction (forcible entry and detainer) lawsuit.

Nonjudicial: No special provisions for evictions following nonjudicial foreclosure but probably the same as for evictions following a judicial foreclosure.

Foreclosure statutes

S.D. Cod. Laws Ann. §§ 21-48-1 to 21-48-26

by: , J.D.

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