North Dakota Foreclosure Laws
Judicial Foreclosure Available: Yes
Non-Judicial Foreclosure Available: No
Security Instruments: Mortgage
Right of Redemption Period: 12 Months
Deficiency Judgments Allowed: Yes
Time Frame: 90 Days
Public Notice: Complaint
North Dakota is a lien theory state, which means that a borrower’s property serves as security for their loan. A title in North Dakota is secured by a document called a mortgage. If the borrower defaults on their mortgage, they may have their property foreclosed. The state allows for only judicial foreclosure methods to be used.
The state has a statutory right of redemption period of twelve (12) months, meaning that a borrower will have one (1) year following the foreclosure sale to try and reclaim their property by paying their loan in full plus any additional costs. However, with some mortgages, the right of redemption period can be reduced to six (6) months.
Lenders may seek a deficiency judgment in North Dakota in the event that a foreclosure is sold at auction for less than what was owed on it. The borrower will be responsible for paying off the difference in price.
Types of Foreclosures Allowed in New Jersey
North Dakota foreclosure law allows for only the judicial foreclosure method. This type of foreclosure, also known as foreclosure by judicial sale, involves selling the defaulted property under court supervision. In order for a judicial foreclosure to be possible, no power of sale clause may be present in the loan documents.
The lender must sue the borrower to begin the process of foreclosure. The court will decree the amount of the borrower’s debt and will allot them some time to pay off their loan. If the borrower does not satisfy their debt, the property will be put up for sale.
In North Dakota, a lender must give the borrower at least thirty (30) days advance notice of their intent to foreclose. The notice must be mailed to the borrower via registered or certified mail no later than ninety (90) days before the lawsuit is filed and must contain certain details about the property itself and the sale, including a description of the property, the amount of the mortgage, the amount of the default and other relevant information. The notice must also inform the borrower that if the amount of their debt is not paid within thirty (30) days of the notice being mailed, a lawsuit will be filed.
The foreclosure process may be stopped at any point before the sale if the borrower pays the entire amount of their debt in addition to any other costs. If not, the sale will proceed. The sale will be held by the county sheriff (or his deputy) who presides in the county where the property is located. The property will be auctioned and sold to the highest bidder. The winning bidder will be issued a certificate of sale until the borrower’s redemption period ends, which will be one (1) year from the date of the sale.
Hiring a Foreclosure Attorney in North Dakota
Receiving a foreclosure complaint can be extremely alarming. However, even if you have received one already, all is not lost. If your home is in danger of being foreclosed or if you are behind on your mortgage payments, speak to a skilled North Dakota foreclosure lawyer right away to file a claim and protect your rights as a homeowner.
When you solicit the help of a leading foreclosure attorney in North Dakota, you can rest assured that your case will end with the best possible outcome. Foreclosure lawyers do whatever they can to prevent your home from being seized. Your paralegal will devise a plan to present to your lender in lieu of foreclosure, such as mortgage modification, short sale or even a temporary halt in payments. Since foreclosures are expensive for lenders to carry out, chances are in your favor that your lender will agree to your paralegal’s proposal. Regardless of the actual plan, you can be sure that your foreclosure attorney will go above and beyond for you so that your case will end with the best possible outcome.
Whether you defaulted on your mortgage because of pay cuts, job loss or even medical bills, your, you have rights as a homeowner in New Jersey and your foreclosure lawyer will make sure they are upheld. Contact an acclaimed team of foreclosure attorneys in North Dakota today to discuss all of your available options and get started on your case right away.