Idaho Foreclosure Process and Laws
Quick Facts About the Idaho Foreclosure Process
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
Lenders may foreclose on mortgages in default through a non-judicial process in Idaho.
The non-judicial foreclosure process is used when there is a power of sale clause in the mortgage. This means that the borrower has pre-authorized the sale of his property in case of his default. The power to sell the property is in the hands of the lender or a trustee. The sale must be done following the “Power of Sale Foreclosure Guidelines”.
Power of Sale Foreclosure Guidelines
If the specifics of the power of clause are stated, then these must be followed. If not, the non-judicial foreclosure process must be done by:
The borrower and the occupants of the property must be given a notice of sale at least 120 days before the date of the sale. In addition to this, the notice of sale must also be recorded in the county where the property is located.
The notice of sale must be published in the county newspaper at least once a week for four consecutive weeks. The last ad must be not less than 30 days of the date of foreclosure.
The notice of sale must contain the important information regarding the sale including a description, its address, lender’s name, date, time and place of sale, as well as the person to contact when inquiring about the sale.
The foreclosure sale must be done at the scheduled date, and postponement may only be done at least 30 days before the originally scheduled date.
For a property that is more than 20 acres, the borrower has one year to reclaim his property. If it is less than 20 acres, the time period for redeeming is reduced to six months.
Foreclosure Avoidance Counseling
HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure. As part of President Obama’s comprehensive Homeowner Affordability and Stability Plan (HASP), you may be eligible for a special Making Home Affordable loan modification or refinance, to reduce your monthly payments and help you keep your home.
If you need help understanding the Making Home Affordable programs, you can use this search tool to find a counseling agency in your area that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your servicer.
Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.
Boise Field Office
800 Park Blvd, Suite 220
Boise, ID 83712
Phone: (208) 334-1990
Fax: (208) 334-9648
TTY: (208) 334-9094
Jurisdiction: State of Idaho
William B. Jolley
Field Office Director
Office Hours: 8:00 a.m. to 4:30 p.m.,
Monday through Friday