Timeline:
around 150 days
Redemption:
Yes
Deficiency
Judgments: Yes
Judicial
Foreclosure: No
Non-Judicial
Foreclosure: Yes
Security
Instruments: Deed of Trust
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Judicial
Foreclosure procedures are not available in Idaho . All foreclosures
are of the Non-Judicial process. All deeds of trust in Idaho
contain a “power of sale” clause that authorizes the lender
to sell the property in the event the borrower defaults on the
loan. If the “power of sale” clause specifies the time, place,
and terms of the sale, those details are followed. If the clause
does specify these items, the lender follows a set of procedures
to sell the property. |
- A notice of
sale must be given to the borrower and occupants of the
property at least one hundred and twenty (120) days before
the scheduled sale date. The notice must also be recorded
in the county in which the property is located. In addition,
the notice must contain the lender's name, the nature of
the default, a full legal description of the property, the
street address, the date, time, and place the sale is to
be conducted at, and the contact information of the person
conducting the sale, including name and phone number. Publication
of the notice must be done in a local newspaper in the county
in which the property is located for four (4) consecutive
weeks before the sale. The final publication can not be
less than thirty (30) days before the scheduled sale date.
- The sale may
be postponed for an additional thirty (30) days and set
at a new time and place, but must take place as specified
in the notice of sale.
The
borrower has either a twelve month or six month redemption period.
If the property has twenty (20) acres or more, the redemption
period is twelve months. If the property has less than twenty
acres, there is a six month redemption period.
he lender
has the right to sue the borrower for a deficiency judgment
if the sale proceeds are not sufficient to pay off the due loan
balance plus costs.
Idaho Foreclosure Law