South Dakota Servicing Reference Guide
- Kacey Olson
Owned by Kacey Olson
Aug 30, 2017
2 min read
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| Citation | Topic | Requirement |
| Judicial Remedies / S.D. Codified Laws §21-48A-5 | Disclosure and Notice of Cancellation (Voluntary Foreclosure) | Must be attached to the written agreement. Must be provided in duplicate on the date a written alternative voluntary foreclosure agreement is provided. |
Notice of Sale | When a mortgage will be foreclosed by sale of the mortgaged premises, must be given, by publishing the notice at least once each week for 4 successive weeks in a legal newspaper of the county where the premises intended to be sold are situated, if there be 1 in the county, and if not, in the nearest newspaper in the state. At least 21 days prior to the date set for sale, the foreclosing creditor must serve a written copy of the notice of foreclosure sale on the mortgagor and any lien holder or encumbrancer whose interest in the property being foreclosed would be affected by the foreclosure. | |
Satisfaction of Mortgage | Whenever a mortgage has been satisfied either by payment, foreclosure, or other legal means, the holder of the lien must deliver a sworn satisfaction to the debtor within 30 days of satisfaction. However, immediately upon satisfaction or at any time thereafter, if the owner of the property makes a written demand upon the lienholder, the lienholder must execute and deliver to the debtor a sufficient sworn satisfaction to cancel the lien (or any record of the lien) within 10 days after the demand. | |
| Judicial Remedies / S.D. Codified Laws §21-49-12 | Short-Term Redemption Mortgage | Any mortgage containing the statement (printed or typed capital letters), “THE PARTIES AGREE THAT THE PROVISIONS OF THE 180 DAY REDEMPTION MORTGAGE ACT GOVERN THIS MORTGAGE” is subject to the provisions governing short-term mortgage redemption. Any mortgage under the provisions governing short-term mortgage redemption chapter must be entitled (printed or typed capital letters), “MORTGAGE -- 180 DAY REDEMPTION.” No mortgage under the provisions governing short-term mortgage redemption act may deny the mortgagor a right to possession of the mortgaged property during the 180-day redemption period. |