| North Dakota only allows judicial or in court | | | | notices must be placed in the county in which the |
| foreclosures. This means that when a bank | | | | home is located. This notice of sale needs to |
| believes that a home owner is not going to be | | | | describe the time and place of the sale and the |
| able to find a way to catch up on their missed | | | | amount due. It must also be given to the |
| payments, they must petition the court before | | | | homeowner. The last advertisement run in the |
| they can move ahead with the sale of the | | | | local paper announcing this scheduled sale date |
| home. | | | | cannot be placed any sooner than ten days prior |
| To begin foreclosure in this state, the bank has to | | | | to the sale date. |
| give the home owner a minimum of thirty days | | | | The sale itself or auction of the property is |
| prior notice of the banks intention to foreclose. | | | | conducted by the county sheriff or his deputy. |
| This notice or the letter of intent to foreclose is | | | | The highest bidder at this sale will be sold the |
| required to be sent to the home owner 90 days | | | | home. This winning bid price must be paid for |
| before the lawsuit is filed with the court. This | | | | in cash, at the time of the auction. The winning |
| letter is also referred to as a pre-foreclosure | | | | bidder is awarded a certificate of sale. Clear |
| notice. The lawsuit is to obtain a decree of sale | | | | title to the home will not be given until the former |
| from the court. | | | | home owner's right of redemption period has run |
| This letter must have in its language a description | | | | its course. This time frame is six months. |
| of the property and the date and amount of the | | | | During the six months following the sale, the |
| mortgage. It must also state the amounts due | | | | former home owner has the right to regain |
| for principal, interest and the taxes paid by the | | | | ownership of the house if they can find a way to |
| bank. It will also state that a suit will be filed to | | | | come up with the amount of money paid by the |
| foreclose if the amount due is not paid within | | | | winning bidder at the sale plus some interest. |
| thirty days from the date the letter that the | | | | If this does not occur, then the sheriff will |
| letter was mailed. This notice of intent to | | | | transfer clear ownership of the property over to |
| foreclose is required to be sent by either | | | | the winning bidder. Deficiency judgments are |
| registered or certified mail. | | | | allowed in North Dakota. This means that if |
| In North Dakota, the home owner has the ability | | | | the bank feels that the amount of money it |
| to end the foreclosure process by coming up with | | | | gained from the sale is insufficient, then they can |
| the delinquent amount plus other costs. These | | | | pursue the person who lost the home at auction |
| other cost include attorney's fess, real estate | | | | for the difference between the sale price and the |
| expenditures, and any other in house costs the | | | | amount of the loan. Unless this person has |
| bank has incurred moving this process along this | | | | some other substantial resources to tap into, it is |
| far. | | | | not in the banks best interest to go after this |
| It takes 2 months after the initial court ruling | | | | person for additional money. So, in most |
| before the sale can occur. In addition, a notice | | | | cases, deficiency judgments, are rarely sought. |
| of sale, must be run in a local paper. These | | | | |