 |
Welcome to the
North Dakota Web Directory. Our web directory is a local information
and resource on the web including link sites to useful on-line
busness and investment, travel, lodging, education, real estate,
art, entertainment, transportation and related
category. |
|
|
Foreclosure
Laws in North Dakota
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.
avoid foreclosure
About the Author:
My husband and I have been real estate investors
for over eight years. Because of the recent
mortgage crisis, we have turned to helping people
through the foreclosure process. We have been
able to help many people. |
|
|
|
|
| |