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Summary:
| Judicial Foreclosure |
Yes |
| Non-Judicial Foreclosure |
No |
| Security Instruments |
Mortgage |
| Right of Redemption |
Yes |
| Deficiency Judgments |
Yes |
| Time Frame |
Usually 90 days |
In North Dakota, the lender must give the borrower in default at least 30 days notice of the lender’s intent to foreclose. The notice must be sent registered or certified mail, and also be sent at least 90 days prior to the actual filing of suit against the borrower.
- The notice must contain a description of the property, the original date and amount of the mortgage, itemized amounts of principal and interest delinquent and taxes (if any) paid by the lender, and the statement that suit will be filed if not paid within 30 days.
- The borrower then has 30 days from the date of mailing of the notice to bring everything current. If not paid, the suit goes forward, and the court will issue a decree of foreclosure and the clerk of the court then advertises the property for sale.
- The sale is conducted by the sheriff (or his deputy) of the county in which the property is located, and the successful bidder receives a certificate of sale.
- The borrower can also stop the foreclosure by paying the delinquent amount plus foreclosure costs prior to court confirmation of the sale.
- The borrower then has one year to redeem the property by paying the balance due on the loan plus costs. The redemption period may be reduced to as little as six months by a clause so stating in the original mortgage document.
- If the property sells at auction for less than the loan amount, the lender may sue to recover any deficiency balance.
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