Stop Foreclosure in Idaho

 


How to Stop Foreclosure in Idaho

One of the main concerns when it comes to lending and borrowing money is how long the relationship between the two would work out well. There are instances wherein debtors no longer have any source of income, thus making them viable to foreclosure. Foreclosure therefore is a state that’s truly worth knowing. This is why it is also very important to understand the concepts.

The good thing is, there are also a lot of alternatives to foreclosure in the State of Idaho. This being said, there are situations or instances wherein a lender or a borrower is just required to take other options into consideration before actually settling for foreclosure. For one, there is loan modification. This is a way for debtors to apply for lower interest rates when it comes to their debts thus making it more possible for them to pay it, and pay it on time at that.

Short sale is another option worth considering. This usually takes place when an investment such as land or home is sold at a much lower price than the original. However, not all lenders allow this kind of agreement because they have to first ensure that they will benefit from it and would not necessarily lose a huge amount of money. As they say, something is better than nothing.

Another thing worth minding would be Bankruptcy. This is when the debtor requests or opts for the official closure of a property. This practically means that there is no turning back on the part of the debtor and the lender and when they apply for this type of method, they agree to the term that the property is no longer theirs at all.

These are just a few options before you finally consider foreclosure but when you feel that there is no better option anymore, in the end, foreclosure would probably be the best choice for you.

Synopsis of Idaho Foreclosure Laws

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.

Where to go to for Foreclosure Help

Boise Field Office

800 Park Blvd, Suite 220
Boise, ID 83712

Phone: (208) 334-1990
Email: ID_Webmanager@hud.gov
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

Stop Foreclosure Early

Bell Financial Group
208-932-4559
1833 E 17th Street
Idaho Falls, ID

Bank of America – Appleway
208.667.3537
501 W Appleway St
Coeur d’Alene, ID

Bank of America – Silver Valley
208.752.1103
733 E Mullan Ave
Osburn, ID

Wells Fargo – Perrine
208-734-1987
1864 Blue Lakes Blvd N
Twin Falls, ID

Wells Fargo – Caldwell Cleveland
208-455-1578
823 Cleveland Blvd
Caldwell, ID

Waterstone Mortgage – Prime Equity Group
208-388-0500
2535 W State Street
Boise, ID

Golf Savings Bank
208-412-0099
2300 S.Eagle Rd
Meridian, ID

US Bank – Wendell Office
(208) 536-5461
15 S Idaho St
Wendell, ID

US Bank – Filer Office
(208) 326-4348
98 Highway 30
Filer, ID

Wells Fargo – Genesee
208-285-1632
102 E Walnut St
Genesee, ID