Stop Foreclosure in North Dakota

 


How to Stop Foreclosure in North Dakota

It is of course vital to pay your dues when it comes to home ownership on time to avoid problem but in cases wherein you are no longer able to do so, know that there are options that are still available for you that wouldn’t necessarily require you to go through all the trouble out there. A workout plan can be your next best option.

Some of the terms you will encounter in this article would include reinstatement, forbearance and reinstatement plan. Each type of solution differ from the other. Reinstatement simply means that your lender has the possibility to accept the amount you owe them in lump sum. No need to pay your dues in one blow. On the other hand, forbearance simply means that your lender may allow you to disregard your dues for a certain number of days and then other options can be discussed. Once these options are agreed upon, you can then find ways on how you can settle your dues. The third works in such a way that you pay your dues on time, in one blow, to simply free you from further problems.

If you come to the realization that you cannot actually pay for the home that you previously purchased, then chances are, you would have to think of other options that are also available for you. For one, you can consider mortgage modification. This means that one or two terms that were previously agreed upon can be changed so that you will be able to pay your dues depending on your ability. Of course there would be interest though.

Claim advance on the other hand can be applied to insured mortgages. The repayment of this type of loan can allow you to delay it for several years even.

Of course it would important that you take note of the fact that such workout options and solutions would still require you to spend some amount of money and so it would still be most advisable for you to just pay your dues and pay them on time.

Synopsis of North Dakota Foreclosure Laws

Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: No

Primary Security Instruments: Mortgage

Timeline: Typically 90 days

Right of Redemption: Yes

Deficiency Judgments Allowed: Yes

In North Dakota, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure

Generally, in judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, the clerk of the court then advertises the property for sale.

However, in North Dakota, the lender must give the borrower no less than thirty (30) days advance notice of their intent to foreclose. Said notice must be sent registered or certified mail no later than ninety (90) days before the suit is filed and must contain: 1) a description of the real estate; 2) the date and amount of the mortgage; 3) the individual amounts due for principal, interest and taxes paid by the lender; and 4) a statement that a lawsuit will be filed to foreclose if the amount is not paid within thirty (30) days from the date the notice was mailed.

The borrower may stop the foreclosure process by paying the delinquent amount, plus foreclosure costs, prior to the time the sale is confirmed by the court.

All sales in North Dakota must be made by the sheriff or his deputy of the county and in the county where the property is located. The property will be sold to the highest bidder, who will be issued a certificate of sale until the borrowers redemption period has ended. Borrowers typically have a period of one (1) year to redeem the property by paying the balance due on the loan, plus costs, but it may be only six (6) months if the mortgage includes short-term redemption rights.

It is possible to obtain a deficiency judgment against the borrower in North Dakota.

Where to go to for Foreclosure Help

Fargo Field Office

Department of Housing and Urban Development
657 2nd Avenue North
Third Floor, Room 366
P.O. Box 2483
Fargo, North Dakota 58108-2483

Phone: (701) 239-5136
Fax: (701) 239-5249
TTY: (406) 239-5668

Jurisdiction: State of North Dakota

Joel Manske
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Stop Foreclosure Early

Wells Fargo – Hornbachers Village West
701-281-4310
4101 13Th Ave Sw
Fargo, ND

US Bank – West Acres Drive-Up
(701) 281-0975
3802 13th Ave S
Fargo, ND

Wells Fargo – Crystal
701-657-2324
600 6Th St
Crystal, ND

Wells Fargo – Minot Afb
701-857-1780
241 Missile Ave
Minot Afb, ND

Wells Fargo – Tower City
701-749-2591
208 Maiden Ln
Tower City, ND

Wells Fargo – West Fargo
701-433-3660
1401 13Th Ave E
West Fargo, ND

Wells Fargo – Valley City
701-845-2210
201 Central Ave N
Valley City, ND

Wells Fargo – Casselton Main
701-347-5491
2 6Th Ave N
Casselton, ND

US Bank – Jamestown Office
(701) 253-2733
123 1st Ave S
Jamestown, ND

Wells Fargo – Fargo Southside
701-232-2082
3201 S University Dr
Fargo, ND