North Dakota Foreclosure Law Summary
Stop North Dakota Foreclosure
Quick Facts
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: No
- Primary Security Instrument: Mortgage
- Timeline: Typically 90 days
- Right of Redemption: Yes
- Deficiency Judgments Allowed: Yes
In North Dakota, lenders may foreclose on a mortgage in default
by using the judicial foreclosure process.
Judicial Foreclosure
Generally, in judicial foreclosure, a court decrees the amount
of the borrowers debt and gives him or her a short time to pay. If the borrower
fails to pay within that time, the clerk of the court then advertises the property
for sale.
However, in North Dakota, the lender must give the borrower no
less than thirty (30) days advance notice of their intent to foreclose. Said notice
must be sent registered or certified mail no later than ninety (90) days before
the suit is filed and must contain: 1) a description of the real estate; 2) the
date and amount of the mortgage; 3) the individual amounts due for principal, interest
and taxes paid by the lender; and 4) a statement that a lawsuit will be filed to
foreclose if the amount is not paid within thirty (30) days from the date the notice
was mailed.
The borrower may stop the foreclosure process by paying the delinquent
amount, plus foreclosure costs, prior to the time the sale is confirmed by the court.
All sales in North Dakota must be made by the sheriff or his deputy
of the county and in the county where the property is located. The property will
be sold to the highest bidder, who will be issued a certificate of sale until the
borrowers redemption period has ended. Borrowers typically have a period of one
(1) year to redeem the property by paying the balance due on the loan, plus costs,
but it may be only six (6) months if the mortgage includes short-term redemption
rights.
It is possible to obtain a deficiency judgment against the borrower
in North Dakota.
More information on North Dakota foreclosure laws.
|
