Redemption and Deficiency Judgments in South Dakota
Whether you can buy back your home after a foreclosure sale in South Dakota, and whether the lender can sue for what's still owed.
Short answer: Yes. Everyone entitled to redeem has one year from the date of the foreclosure sale to redeem, except for a "short-term redemption mortgage," which has a 180-day redemption period. SDCL § 21-52-11
| Redemption after the sale | Yes. Everyone entitled to redeem has one year from the date of the foreclosure sale to redeem, except for a "short-term redemption mortgage," which has a 180-day redemption period. Source: SDCL § 21-52-11 |
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| Deficiency judgments | Yes, with limits. After a foreclosure by advertisement where the lender buys the property, the lender must prove to the court that the property sold for its true market value or more before getting a deficiency judgment, and the court adjusts the deficiency accordingly. In a court foreclosure, a lender unwilling to bid the full debt must prove the property's fair and reasonable value at trial; the court sets a minimum bid, and the lender can collect a remaining deficiency only by applying to the court. Source: SDCL §§ 21-48-14, 21-47-16 |
More South Dakota foreclosure & homeowner law
- How Foreclosure Works in South Dakota
- Getting Your Home Back After a Tax Sale in South Dakota
- All South Dakota foreclosure & homeowner law rules
FAQ
Is there a right of redemption after foreclosure in South Dakota?
Yes. Everyone entitled to redeem has one year from the date of the foreclosure sale to redeem, except for a "short-term redemption mortgage," which has a 180-day redemption period.
Can the lender come after you for the rest of the loan after foreclosure in South Dakota?
Yes, with limits. After a foreclosure by advertisement where the lender buys the property, the lender must prove to the court that the property sold for its true market value or more before getting a deficiency judgment, and the court adjusts the deficiency accordingly. In a court foreclosure, a lender unwilling to bid the full debt must prove the property's fair and reasonable value at trial; the court sets a minimum bid, and the lender can collect a remaining deficiency only by applying to the court.
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.