@Chris Pohlson
Under South Dakota law, you can generally redeem the home within one year after the sale date (S.D. Codified Laws § 21-52-11). However, most residential mortgages of properties consisting of 40 acres or less in South Dakota are subject to what’s called the “One Hundred Eighty Day Redemption Mortgage Act.” These types of mortgages are often referred to as “short-term redemption mortgages.”
How to find out if you have a short-term redemption mortgage. To find out if you have this type of mortgage, check your mortgage contract. The first page of the document will be titled “Mortgage-One Hundred Eighty Day Redemption” and there will be a clause in the mortgage stating that this law governs the mortgage.
A short-term redemption period lasts 180 days. If your mortgage is a short-term redemption mortgage, you can redeem the home within 180 days (six months) after the purchaser from the foreclosure sale records a certificate of sale in the land records (S.D. Codified Laws § 21-49-30, § 21-52-11).
Redemption period for abandoned homes. Under the law, you are entitled to live in the home during the redemption period (S.D. Codified Laws § 21-49-12). If you abandon the home, the purchaser can ask the court to reduce the redemption period to 60 days (S.D. Codified Laws § 21-49-13(8), § 21-49-38).
How Much You'll Have to Pay to Get Your Home Back
In order to redeem, you must reimburse the purchaser for the price paid at the foreclosure sale, plus interest and any sums the purchaser paid to protect its interest in the property, including (for example) amounts paid for:
- taxes
- insurance, and
- payments on superior liens (S.D. Codified Laws § 21-49-34, 21-52-14)
The Same same applies to banks or any lien holder.....so for SD its 180 days
