Idaho Foreclosure Law (Summary)
- Judicial Foreclosure Available:
No
- Non-Judicial Foreclosure Available:
Yes
- Primary Security Instruments: Deed of
Trust
- Timeline: Typically 150
days
- Right of Redemption: Yes
- Deficiency Judgments Allowed:
Yes
|
| In Idaho, lenders may foreclose on deeds of trusts
in default using the non-judicial foreclosure process. |
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a
power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of
trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in
the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the
lender to sell the property may be executed by the lender or their representative, typically referred to as the
trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure
Guidelines".
- Power of Sale Foreclosure
Guidelines
-
-
If the deed of trust or mortgage contains a power of sale clause and
specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the
non-judicial power of sale foreclosure is carried out as follows:
- The notice of sale must be recorded in the county where the
property is located and given to the borrower and the occupants of the property (if not the borrower)
at least one hundred twenty (120) days before the date of the sale.
The notice must be published in the newspapers in the county where the property is located at least
once a week for four (4) consecutive weeks. The final ad must be run not less than thirty (30) days in
advance of the foreclosure. The published notice must contact a legal description of the property, its
street address and the name and phone number of someone who can give directions.
Said notice must describe the nature of the default, a legal description of the property, as well its
street address, the lender's name, the date, time, and place of the sale, and the name and phone number
of the person conducting the sale.
- The foreclosure sale must take place on the date, at the time and
at the place specified in the notice. However, the sale may be postponed and held at a new time and
place, so long as it is within thirty (30) days of the originally scheduled sale.
If the property consists of more than twenty (20) acres, the buyer has a period of one (1) year
to redeem said property. If it is less than twenty (20) acres, the period of time is lessened to six
months.
Return
To Home Page - Stopping
Foreclosure
|