Subject: Formal Notice of Sale to Junior Lien Holder — Important Legal Document [Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Junior Lien Holder's Name] [Junior Lien Holder's Address] [City, State, ZIP Code] Re: Notice of Sale of Property Encumbered by Junior Lien Dear [Junior Lien Holder's Name], I hope this letter finds you well. I am writing to inform you that as the senior lien holder, we intend to proceed with the sale of the property located at [Property Address] to satisfy the outstanding amounts owed on the first lien. This letter serves as an official notice of the impending sale, as required by the laws of South Dakota. Description of the Property: The property in question, situated in South Dakota, is legally described as follows: — Property Address: [Property Address— - Parcel Number: [Parcel Number] — Legal Description: [Legal Description of the Property] Details of the Sale: We have scheduled the sale of the property for [Date of Sale], which will be conducted in compliance with applicable state laws and regulations governing foreclosures and the sale of encumbered properties. The sale will take place [Location of Sale]. Registration will start at [Registration Time], and the sale will commence at [Sale Start Time]. Outstanding Debt Information: As the junior lien holder, you are currently encumbering the said property with a lien. At present, the outstanding balance on the junior lien is $[Outstanding Balance]. To protect your rights and prevent any unforeseen complications, we advise you to attend the scheduled sale and actively participate, if deemed necessary, in order to protect your lien interest. Distribution of Sale Proceeds: In accordance with South Dakota statutes, the funds resulting from the sale will be distributed in a specific order of priority. As the senior lien holder, we will receive payment first to satisfy the outstanding amounts owed on the first lien. If any surplus funds remain after the discharge of the first lien, those funds may be used to fulfill all or a portion of the outstanding amounts on your junior lien, subject to South Dakota law. Any remaining surplus would then be disbursed to the former property owner. Your Participation: It is crucial that you attend the scheduled sale or have a representative present on your behalf to protect your interests as a junior lien holder. This may involve bidding on the property, ensuring the sales process is conducted fairly, and documenting any objections, if applicable. We strongly recommend that you consult legal counsel to understand your rights and obligations concerning the sale of the property. Any failure on your part to intervene or properly respond to this notice may result in a complete loss of your rights and claims related to this lien. For further information or clarification, please contact our office as soon as possible at [Your Phone Number] or [Your Email Address]. We are available to address any concerns or questions you may have throughout this process. Thank you for your attention to this matter. Sincerely, [Your Name] [Your Title/Position] [Your Company/Organization Name]
South Dakota Sample Letter for Notice of Sale to Junior Lien Holder
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