Stop Foreclosure in Montana

 


How to Stop Foreclosure in Montana

By now, you probably already have some information or background about foreclosure because you probably know of its importance. With this you can say that you are already on the right track. But there are still more things you have to know about foreclosures in the state of Montana.

For one, you should also know the concept of a foreclosure notice, what it is and what exactly it does to you as the debtor. A foreclosure notice is a type of notice that is sent to you when you have been delayed of paying your dues after thirty or ninety days. This is a filed document that states your need to pay up otherwise you would be revoked of your desire to own a home. Remember that this document is filed and would reflect on your records and you wouldn’t want that.

There are some steps you have to also take note of. For one, when you take to a financial aid or company, remember to disclose all the information that you can given that they are truthful. Usually options to avoid foreclosure would be offered to you so it would be advisable to weigh these.

Of course, more than anyone else, it would be you who would know when you are unable to pay your dues. Before a notice is sent to you have the initiative to contact your lender. You can prevent receiving a notice by doing is immediately.

Remember that although there are some considerations on your part and the part of your lender, it is still the best option for you to never ever miss a scheduled payment. This way you would also have the peace of mind that what you are investing in will be yours in the end and that you can build a home and have your family stay there as well.

Synopsis of Montana Foreclosure Laws

Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: Yes

Primary Security Instruments: Deed of Trust, Mortgage

Timeline: Typically 150 days

Right of Redemption: No

Deficiency Judgments Allowed: Varies

In Montana, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

In judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, then the court will issue a notice of sale.

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:

A notice of sale must be recorded in the county where the property is located and then: 1) mailed, by registered or certified mail, to the borrower at his last known address at least 120 days before the foreclosure sale; 2) published once a week for three (3) successive weeks in a newspaper of general circulation in the county where the property is located; and 3) posted on the property at least twenty (20) days before the foreclosure sale.

The notice must contain the time, date and place of sale, the borrowers, lenders and trustees name, a description of both the property and the default, and the book and page where the deed is recorded.

The trustee must conduct the sale between the hours of 9:00 am and 4:00 pm at the courthouse in the county where the property is located. The property must be sold at public auction to the highest bidder.

The sale may be postponed for up to fifteen (15) days by posting a notice at the time and place where the sale was originally scheduled.

Lenders may not obtain a deficiency judgment against the borrower and the borrower has no rights of redemption.

Where to go to for Foreclosure Help

Helena Field Office

Department of Housing and Urban Development
100 Neill Avenue
Suite 5, #27
Helena, MT 59601

Phone: (406) 449-5050
Fax: (406) 449-5052
TTY: (406) 449-5050

Jurisdiction: State of Montana

Joel Manske
Acting Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Stop Foreclosure Early

Mortgage Advocates
406-546-2517
312 E Crestline Dr
Missoula, MT

Guild Mortgage Company
406-252-2600
3333 2nd Ave N
Billings, MT

US Bank – Great Falls Office
(406) 455-1077
300 Central Ave
Great Falls, MT

Wells Fargo – Shelby
406-434-5528
131 Main St
Shelby, MT

US Bank – Billings 24th St Office
(406) 651-5626
6 24th St W
Billings, MT

The BottomLine Consultants
406697-9177
P.O. Box 475
St. Regis, MT

High Country Mortgage
406-297-3954
221 Dewey Avenue Suite B
Eureka, MT

US Bank – Fort Benton Office
(406) 622-3434
1304 Front St
Fort Benton, MT

US Bank – Chester MT Office
(406) 759-5544
10 E Adams Ave
Chester, MT

US Bank – Havre Office
(406) 262-2109
235 1st St
Havre, MT