North Dakota Foreclosure Overview
North Carolina foreclosure allows for only judicial (in court) foreclosure processes. Generally, the foreclosure process takes about five months.
North Dakota foreclosure law requires that the lender give the borrower no less than 30-day notice of their intent to foreclose before they are allowed to begin the foreclosure process. The borrower must be served with this notice either in person or by mail, however, If the borrower cannot be located, the lender must publish a notice of their intent to foreclose in a local newspaper.
The borrower can stop the process and reinstate the loan at any time during the 30-day period by paying the delinquent amount.
In a North Dakota foreclosure, the borrower typically gets the right to:
- Pre-foreclosure notices
- apply for loss mitigation
- receive certain foreclosure notices
- get current on the loan and stop the foreclosure sale
- receive special protections if the borrower or spouse is in the military
- pay off the loan to prevent a sale
- redeem the property after the sale
- file for bankruptcy, and
- get any excess money after a foreclosure sale.
After the pre-foreclosure notice is given, a lender will file the appropriate documents in court to begin the foreclosure. The court assesses the amount of the borrower’s debt and gives them a short time to pay, around 30 days. If the borrower is unable to pay the debt within the specified timeframe, the property is scheduled for sale and advertised by the court clerk.
Notice of Sale & Auction
The timeframe needed to properly publish and advertise the foreclosure sale is about 2 months. A Notice of Sale, (NOS), is provided to the borrower and it is also published in the county newspaper. The last publication must occur at least 10 days before the date of the sale.
Foreclosure sales in North Dakota are made by public auction by the county sheriff. The property is sold to the highest bidder. the winning bidder must pay in cash at the auction. The winning bidder is awarded a certificate of sale.
There is a redemption period in North Dakota, usually of 56 months. Following the redemption period, the sheriff transfers ownership to the winning bidder.