Timeline:
150 days
Redemption:
No
Deficiency
Judgments: only if Judicial Foreclosure
Judicial
Foreclosure: Yes
Non-Judicial
Foreclosure: Yes
Security
Instruments: Deed of Trust, Mortgage
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In Montana
, the lender may pursue either a Judicial or Non-Judicial Foreclosure.
If no “power of sale” clause is present in the original loan
documents, the lender must sue the borrower in court to obtain
a decree of the amount owed. The court will give the borrower
a period of time to cure the default and will issue a notice
of sale if the borrower does not satisfy the amount owed.
In the
Non-Judicial Foreclosure process, a “power of sale” clause is
present in the original mortgage documents. This clause authorizes
the lender to sell the property in case the borrower defaults
on the loan. |
The
sales process in Montana requires the notice of sale to be mailed
by registered or certified mail to the borrower's last known
address and posted on the property no less than twenty (20)
days before the sale date. The notice must also be published
for three (3) consecutive weeks in a local newspaper that is
generally circulated in the county in which the property is
located.
The
notice of sale must contain a legal description of the property,
the nature of the default, the book and page on which the deed
is recorded, and the borrower, lender, and trustee information.
The
lender's trustee conducts the sale as a public auction at the
time and place specified in the notice of sale. The sale must
take place between 9:00 AM and 4:00 PM . The sale may be postponed
in Montana for up to fifteen (15) days, but a notice of postponement
must be posted at the time and place of the originally scheduled
sale.
In Montana
, there is no redemption period after the sale for the borrower,
and the lender is not allowed to sue the borrower for a deficiency
judgment.
Montana Foreclosure Law