Foreclosure & Alternatives Law

Can a Lender Sue a Borrower for a Deficiency Judgment if the Lender is Still Owed Money After a Foreclosure Sale in South Dakota?

Yes, a lender can sue a borrower for a deficiency judgment if the lender is still owed money after a property foreclosure sale in South Dakota. However, the amount of the deficiency judgment can be no more than the difference between the amount owed on the property and the fair market value of the property, even if the foreclosure sale was for less than fair market value.