South Dakota Foreclosures and Foreclosed Homes for Sale

While some South Dakota mortgages contain power-of-sale clauses, allowing lenders to foreclose on a property out of court, the majority of foreclosures are processed through the courts. The process generally begins when the lender files a complaint in a local court. Some mortgages have provisions which require the lender to send the borrower notice before this complaint is filed, but it is not always required.

After the complaint has been filed, the court will give the borrower 30 days to respond. If there is no response during this time, the court will rule in favor of the lender, and a public sale will be scheduled. If the borrower does respond to the complaint, the court will review the case and make a ruling as to whether the borrower is in default. If the court rules against the borrower, the South Dakota foreclosure process continues.

Once the public sale date has been scheduled, the lender has the obligation of publishing a notice of foreclosure in a local newspaper once a week for four consecutive weeks. They must also deliver a written copy of the notice to the borrower and any lien holders at least 21 days before the scheduled auction date.

The sale will take place during the hours of 9 a.m. and 5 p.m. on the scheduled date. Auctions in South Dakota are open to the general public, and anyone is allowed to bid on the property, including the lender and any other lien holders. The winning bidder will be issued a certificate of sale after the auction is complete, which will result in ownership after the redemption period. In South Dakota, the redemption period varies, from two to six months, depending on whether the property was abandoned prior to the sale.

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