North Dakota Foreclosure Laws
North Dakota Foreclosure is Judicial.
An action may be brought in the district court for the foreclosure or satisfaction of a mortgage upon real property in accordance with the provisions of this chapter.
In an action for satisfaction of a mortgage, the complaint shall state the breach made in the recovery of the debt secured by such mortgage. The plaintiff shall also state in the complaint whether the plaintiff will in a later and separate action demand judgment for any deficiency which may remain due to the plaintiff after sale of the mortgaged premises against every party who is personally liable for the debt secured by the mortgage.
In addition to any other method provided by law for the service of summons, in all actions for the satisfaction of a mortgage, or other lien, upon real estate, in any court of this state, the summons may be served personally upon all defendants. When the summons is thus served the service shall be deemed complete.
Notice before foreclosure.
At least thirty days and not more than ninety days before the commencement of any action or proceeding for the foreclosure of a mortgage on real estate, a written notice shall be served on the title owner of record of the real estate described in the mortgage as shown by the records in the office of the recorder of the county in which such real estate is situated. The notice shall contain: a description of the real estate; the date and amount of the mortgage; the amount due for principal, interest, and taxes paid by the owner of the mortgage, stated separately and a statement that if the amount due is not paid within thirty days from the date of the mailing or service of the notice proceedings will be commenced to foreclose the mortgage.
The notice before foreclosure may be served by registered or certified mail addressed to the owner of record at the owner's post-office address as such address is shown by the mortgage or by the records in the chain of title to such real estate in the office of the recorder of the county where the real estate is situated.
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. North Dakota Foreclosure Redemption Period.All real property sold upon foreclosure of a mortgage by order, judgment, or decree of court may be redeemed at any time within one year after such sale.
|
