ND Bar Practice Questions - North Dakota Bar Examination Exam

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A homeowner grants a mortgage to a bank, which records it. The homeowner later defaults. North Dakota is generally a judicial-foreclosure state for real-property mortgages. What does this mean for the bank's foreclosure?

The bank may seize and sell the home without any court involvement The bank must generally bring a foreclosure action in court to obtain a judgment and judicial sale, and the borrower has statutory protections including a redemption period The bank automatically owns the property the day after default The bank must wait ten years before foreclosing

Correct Answer:

The bank must generally bring a foreclosure action in court to obtain a judgment and judicial sale, and the borrower has statutory protections including a redemption period

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