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South Dakota Foreclosure Law Summary
WHAT IS A SHORT SALE
Quick Facts
WHY USE SHORT SALE US
- Judicial Foreclosure Available: Yes
SUCCESS STORIES
- Non-Judicial Foreclosure Available: Yes
WHO QUALIFIES FOR A SHORT SALE
- Primary Security Instruments: Deed of Trust, Mortgage
FAQs
- Timeline: Typically 90 days
SHORT SALE NEWS
- Right of Redemption: Varies
VALUE YOUR HOME
- Deficiency Judgments Allowed: Varies
STATE FORCLOSURE LAWS
In South Dakota, lenders may foreclose on deeds of trusts or mortgages in
CONTACT US default using either a judicial or non-judicial foreclosure process.
HIRE US Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit to obtain a
court order to foreclose, is used when no power of sale is present in the
mortgage or deed of trust. Generally, after the court declares a foreclosure,
your home will be auctioned off to the highest bidder.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause
exists in a mortgage or deed of trust. A "power of sale" clause is the clause in
a deed of trust or mortgage, in which the borrower pre-authorizes the sale of
property to pay off the balance on a loan in the event of the their default. In
deeds of trust or mortgages where a power of sale exists, the power given to
the lender to sell the property may be executed by the lender or their
representative, typically referred to as the trustee. Regulations for this type of
foreclosure process are outlined below in the "Power of Sale Foreclosure
Guidelines".
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies
the time, place and terms of sale, then the specified procedure must be
followed. Otherwise, the non-judicial power of sale foreclosure is carried out
as follows:
A foreclosure notice must be published once a week for four successive
weeks in a newspaper of general circulation in the county where the premises
are located.
At least twenty-one days prior to the date set for sale, the lender must serve a
written copy of the notice of foreclosure sale on the borrower and any lien

2. holder whose interest in the property being foreclosed would be affected by
the foreclosure.
Said notice must contain the names of the borrower and lender, the mortgage
date, the amount due, a description of the premises and the time and place of
sale.
The sale must be made by the sheriff of such county, or his deputy, between
the hours of 9:00 am and 5:00 pm to the highest bidder. Any person including
the mortgagee (lender) may bid at the sale. The winning bidder will receive a
certificate of sale.
The sale may be postponed, from time to time, by inserting a notice of such
postponement, as soon as possible, in the newspaper in which the original
advertisement was published, and continuing such publication until the time
when the postponed sale occurs.
If the property is 40 acres or less, and the mortgage contains a power of sale
clause, then a 180-day period of redemption exists. If the property is
abandoned, the time period is reduced to 60 days. Generally, unless special
short-term redemption mortgage provisions apply, borrowers may redeem
within one year of the date of sale.
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