Idaho Foreclosure Laws
Judicial Foreclosure Available: No
Non-Judicial Foreclosure Available: Yes
Security Instruments: Deed of Trust
Right of Redemption Period: 6 Months (If Less Than 20 Acres); 12 Months (If Over 20 Acres)
Deficiency Judgments Allowed: Yes
Time Frame: 150 Days
Public Notice: Notice of Default
Idaho operates as a title theory state, which means that a property title will remain in trust until the loan is paid in full. In the state, a title can be secured through a document called a deed of trust, or trust deed. If the borrower defaults on the loan for the property, the property may be foreclosed. Only non-judicial foreclosures are permitted in Idaho.
The state has a right of redemption period of twelve (12) months for properties that are over twenty (20) acres in size, meaning that a borrower can reclaim their property up to one (1) year after it has been foreclosed if they pay the default in full along with any other costs. If the property is less than twenty (20) acres, then the redemption period is only six (6) months.
Idaho foreclosure law also allows for deficiency judgments if the property is sold for less than the default amount. Deficiency actions must be brought forward within 90 days of the foreclosure sale.
Types of Foreclosures Allowed in Idaho
The only method of foreclosure allowed in the state of Idaho is non-judicial foreclosure, which is also known as foreclosure by power of sale. In order for non-judicial foreclosures in Idaho to be possible, the loan documents must contain a power of sale clause, which authorizes the lender to sell the property in the event of default to be able to recover what is owed on the property. The property may be sold without court supervision. Non-judicial foreclosures are usually faster and less expensive than other foreclosure methods.
There are two ways in which a non-judicial foreclosure in Idaho can proceed. If the power of sale clause states a specific time, place and outlines terms of sale, then the lender must follow the procedure that is stated. If there is no specification, then the sale must follow the following requirements:
1. Before foreclosure can be initiated, the lender must record a notice of default in the county where the property is located and the defaulting borrower must be personally issued the notice of default at least 120 days before the scheduled sale. A copy of the notice of default must be published once a week for at least four (4) consecutive weeks in a newspaper that circulates in the county where the property is located. The last notice must be published at least thirty (30) days before the scheduled foreclosure sale.
2. The notice must contain a legal description of the property, its address and the name and number of someone who can give directions to the property. The notice must also contain the lender’s name, when and where the sale will take place, as well as the contact information for the person conducting the sale.
3. If the property being foreclosed upon is occupied, at least three (3) good faith attempts must be made to serve the notice of sale on several different days over a period of seven (7) days. These attempts must be made at least thirty (30) days before the date of the foreclosure sale.
4. Foreclosure sales must take place on the day specified in the notice. The trustee will auction the property to the highest bidder. The sale may be postponed for thirty (30) days from the original sale date if at least twenty (20) days notice is provided in writing.
Working with a Foreclosure Lawyer in Idaho
If you have received a notice of default, it is not too late to fight for your home. Speak to a leading team of foreclosure lawyers in Idaho right away to prevent your home from being seized.
Foreclosure attorneys fight diligently on your behalf and will come up with an alternative plan that your lender can be satisfied with. Based on your financial situation, your foreclosure lawyer may suggest loan modification, refinancing or even a temporary halt in payment. Whatever the plan, you can rest easy knowing that your case will end with the best possible outcome when you work with a skilled foreclosure attorney.
Regardless of your reasons for defaulting, you have rights as a homeowner in Idaho to fight for your property. Contact an acclaimed foreclosure lawyer in Idaho today to discuss your options and file a case.