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Foreclosure Survival Guide
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Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| 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 |
| Redemption after sale | Allowed for one year after the sale unless mortgage contains language identifying it as a short-term redemption mortgage, which provides six-month redemption period. S.D. Cod. Laws Ann. § 21-52-11 |
| 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 still owing on mortgage. |
| Cash exempted in bankruptcy | $4,000 for one person, $6,000 for a married couple |
| Notice to leave after house is sold | After judicial foreclosure, 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. |
| Foreclosure statutes | S.D. Cod. Laws Ann. §§ 21-48-1 to 21-48-26 |