A borrower in Sioux Falls defaults on her home mortgage, and the lender initiates foreclosure proceedings. The court enters a judgment and a sheriff's sale is conducted. How long does the borrower have to exercise her statutory right of redemption on this residential property under South Dakota law?
Correct Answer
B) 180 days after the sheriff's sale
Under SDCL Chapter 21-47, the mortgagor retains a statutory right of redemption for 180 days after a sheriff's sale on most residential properties in South Dakota. This redemption period allows the borrower to reclaim the property by paying the full amount owed, including costs.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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