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The nonjudicial process is pretty straightforward: The lender serves the borrower a notice of sale at least 21 days before the sale date and publishes the notice in a newspaper once a week for four weeks. (S.D. Codified Laws § 21-48-6.1, § 21-48-6). Then the lender can sell the property at a foreclosure sale.
In general, the borrower gets one year to redeem the home after a South Dakota foreclosure sale. (S.D. Codified Laws § 21-52-11). But if the mortgage is a short-term redemption mortgage, the redemption period is 180 days after the purchaser from the foreclosure sale records a certificate of sale in the land records.
In a South Dakota nonjudicial foreclosure, the lender must serve you (the borrower) a notice of sale at least 21 days before the sale date. (S.D. Codified Laws § 21-48-6.1). The lender must also publish the notice in a newspaper at least once each week for four successive weeks.
21 days later, the property can be sold If no one else bids, your home goes to the lender. The successful bidder gets a trustee's deed once the sale is complete. You have up until 5 days before the foreclosure sale to stop the process. This is called ?reinstatement? of the loan.
Redeeming the Property In some states, the borrower can redeem (repurchase) the property within a specific period after the foreclosure. In North Dakota, the borrower generally gets the right to redeem the property within 60 days after the sale except for property that's abandoned or agricultural.