Foreclosure Process for Idaho (ID)

By
Mortgage and Lending with Loan Modification

 

Foreclosure Process for Idaho (ID)

If you live or own a property in Idaho and are facing foreclosure, please see below for the step-by-step process.

 

When you develop a definite plan of action with well-timed, well-informed steps, you can stop the foreclosure process and save your home. We have outlined the foreclosure process for the state of Idaho.

Preferred Method of Foreclosure: Non-judicial

Idaho permits non-judicial foreclosure through a owner of sale clause in a deed of trust. If the borrower goes into default, the property may be sold by giving the borrower the proper notice.

Preliminary Notice

Contents

 

 

The foreclosure notice must describe the nature of the default and the lender’s election to sell. The notice must set the date, time, place and basis for the sale.

Recording

The notice must be recorded.

Mailing

The notice must be sent to anyone who requests a copy. The borrower must be given a copy at least 120 days in advance of the sale. Lessees or occupants must also be given the same notice as the borrower.

Publication


The notice must be published in the newspapers in the county where the property is located at least once a week for four consecutive weeks. The final ad must be run not less that 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.

Cure by Borrower or Other Purchasers

Within 15 days of the date of recording of the notice of default, a junior lien holder or the borrower can pay the amount due on the loan and a trustee’s fee if the default is cured prior to the first newspaper publication of the sale.

Sale Procedures

The foreclosure sale must take place at the time called for in the notice, unless the sale is postponed. The sale can be postponed by the lender to a new time and place, but not later than 30 days after the original date. Multiple postponements are possible. The proceeds of the sale must go first to the lender, then to any interior recorded lien holders, then to the borrower.

Deficiency

The lender can sue the borrower in a separate lawsuit for a deficiency within three months following the sale for whatever sum remains unpaid on the mortgage, provided the balance exceeds the fair market value (or such reasonable value as the court finds) of the property at the time of the foreclosure.

Redemption

The real estate may be redeemed by the borrower up to one year after the sale if more than 20 acres are involved, or six months for land parcels of less than 20 acres.

 

 

 

 

 

 

 

 

C Thompson

407 219-8739

How to Avoid Loan Modification / Loss Mitigation Scams

Loan Modification Scams Update

Loss Mitigation Services FAQ's

Investors Facing Foreclosure

Why won't my lender won't work with me?

How to Prevent Foreclosure on Your Investment Property

www.KeepYourProperty.info

 

Pre-Approval Loan Modification Application

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Location:
Idaho
Tags:
foreclosure help in idaho
foreclosure help in id
foreclosure process for idaho
foreclosure process for id
foreclosure info in idaho

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
94,176

C. Thompson

Loss Mitigation Cases
Ask me a question
*
*
*
*
Spam prevention

Additional Information