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North Dakota Foreclosure Laws
Expected Timeline: Three to five months
Security Instrument: Mortgage
Type of Process: Judicial
Protections for Servicemembers: None.
Time to Respond: Homeowners must be served with a notice of intent to foreclose 30 to 90 days before filing a foreclosure lawsuit. The time to respond to the lawsuit is twenty to thirty days.
Reinstatement Period: Homeowners may reinstate the loan any time up to thirty days after being served with a notice of intent to foreclose.
Protections for High-Cost Mortgages: None.
Redemption Period: Redemption period is sixty days after the sheriff sale.
Eviction Process: Sheriff may evict former owners immediately upon expiration of redemption period.
Deficiency Judgments: Not allowed.
Limits on Deficiency Judgments: Deficiencies limited by fair market value or appraised value, but allowed on land of more than 40 acres. Not allowed on residential property of four or fewer units on less 40 acres.
Cash Exempted in Bankruptcy: $7,500 for single person, $15,000 for married couple.
State Statutes: N.D. Cent. Code § 32-19-01 to 32-19-41
North Dakota foreclosure law only allows for lenders to pursue foreclosure by a Judicial Foreclosure process. The lender must give the borrower thirty (30) days notice of their intent to foreclose on the property. The notice must be sent to the borrower by certified or registered mail, and it must be sent no less than ninety (90) days prior to the lender filing the lawsuit against the borrower.
A description of the property must be contained in the notice, as well as the date and original amount of the mortgage, itemized accounts of principal and interest, delinquent taxes paid by the lender, and the statement that a lawsuit will be filed if the amounts are not paid within thirty (30) days of the notice.
The borrower has this thirty (30) day period to bring the loan current, and if it is not paid, the lawsuit moves ahead. If this is the case, the court will issue a decree of foreclosure and the clerk of the court advertises the sale of the property.
The sheriff or his deputy conducts the sale of the property. The high bidder at the sale receives a certificate of sale at the auction.
The borrower is able to stop the foreclosure by paying the amount of the delinquency any time prior to the court confirming the sale. If the borrower can not cure the default before the sale is confirmed, then the redemption period in North Dakota goes into effect.
The redemption period lasts for one year from the confirmation of the sale, although it can be shortened to six (6) months if the original mortgage documents state a short redemption period. The borrower must redeem the property for the full balance due on the loan plus costs.
The lender has the right to sue the borrower for a deficiency judgment in the event the property sells at the auction for less than the loan amount due.
State Website: www.nd.gov
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