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Foreclosure Laws in North Dakota (ND)

Topic: Foreclosure

North Dakota only allows judicial or in court foreclosures. This means that when a bank believes that a home owner is not going to be able to find a way to catch up on their missed payments, they must petition the court before they can move ahead with the sale of the home. To begin foreclosure in this state, the bank has to give the home owner a minimum of thirty days prior notice of the banks intention to foreclose. This notice or the letter of intent to foreclose is required to be sent to the home owner 90 days before the lawsuit is filed with the court. This letter is also referred to as a pre-foreclosure notice. The lawsuit is to obtain a decree of sale from the court. This letter must have in its language a description of the property and the date and amount of the mortgage. It must also state the amounts due for principal, interest and the taxes paid by the bank. It will also state that a suit will be filed to foreclose if the amount due is not paid within thirty days from the date the letter that the letter was mailed. This notice of intent to foreclose is required to be sent by either registered or certified mail.

In North Dakota, the home owner has the ability to end the foreclosure process by coming up with the delinquent amount plus other costs. These other cost include attorney's fess, real estate expenditures, and any other in house costs the bank has incurred moving this process along this far. It takes 2 months after the initial court ruling before the sale can occur. In addition, a notice of sale, must be run in a local paper. These notices must be placed in the county in which the home is located. This notice of sale needs to describe the time and place of the sale and the amount due. It must also be given to the homeowner. The last advertisement run in the local paper announcing this scheduled sale date cannot be placed any sooner than ten days prior to the sale date.

The sale itself or auction of the property is conducted by the county sheriff or his deputy. The highest bidder at this sale will be sold the home. This winning bid price must be paid for in cash, at the time of the auction. The winning bidder is awarded a certificate of sale. Clear title to the home will not be given until the former home owner's right of redemption period has run its course. This time frame is six months. During the six months following the sale, the former home owner has the right to regain ownership of the house if they can find a way to come up with the amount of money paid by the winning bidder at the sale plus some interest. If this does not occur, then the sheriff will transfer clear ownership of the property over to the winning bidder.

Deficiency judgments are allowed in North Dakota. This means that if the bank feels that the amount of money it gained from the sale is insufficient, then they can pursue the person who lost the home at auction for the difference between the sale price and the amount of the loan. Unless this person has some other substantial resources to tap into, it is not in the banks best interest to go after this person for additional money. So, in most cases, deficiency judgments, are rarely sought.

05/02/2008
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Yadzz
is work. Are you handy? You seem like the kinda gal who can snake the toilet or tiegthn door hinges. If you aren't, tho...you might wanna think it through. I miss having a landlord I can call anything the dishwasher clogs or there's a mysterious wetspot in the closet.]]>
read more... 05/04/2012

Anju
thats not actually true. In most cases the banks dicatte the price. They will hire a realtor to do a BPO, and then when the realtor comes in with a realistic sales price, based not only on the 90 day comps, but also the absorption rate. What used to happen to me everytime was the bank would tell me that they don't want to see a number higher than x, or lower than z. Basicly they are just hiring someone to validate their number. The auctions are fixed by the way.
read more... 05/01/2012

Tessie
You're the one with the brains here. I'm wtaching for your posts.
read more... 08/11/2011

Read all comments: 3

 

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