|
|
Immediate Foreclosure Solutions |
|
HOME |
|
Idaho Preferred Method of Foreclosure: Non-judicial Idaho permits non-judicial foreclosure through a
owner of sale clause in a deed of trust. If the borrower goes into default,
the property may be sold by giving the borrower the proper notice. Preliminary Notice Contents The foreclosure notice must describe the nature of
the default and the lender’s election to sell. The notice must set the date,
time, place and basis for the sale. Recording The notice must be recorded. Mailing The notice must be sent to anyone who requests a
copy. The borrower must be given a copy at least 120 days in advance of the
sale. Lessees or occupants must also be given the same notice as the
borrower. Publication The notice must be published in the newspapers in
the county where the property is located at least once a week for four
consecutive weeks. The final ad must be run not less that 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. Cure by Borrower or Other Purchasers Within 15 days of the date of recording of the
notice of default, a junior lien holder or the borrower can pay the amount
due on the loan and a trustee’s fee if the default is cured prior to the
first newspaper publication of the sale. Sale Procedures The foreclosure sale must take place at the time
called for in the notice, unless the sale is postponed. The sale can be
postponed by the lender to a new time and place, but not later than 30 days
after the original date. Multiple postponements are possible. The proceeds of
the sale must go first to the lender, then to any interior recorded lien
holders, then to the borrower. Deficiency The lender can sue the borrower in a separate
lawsuit for a deficiency within three months following the sale for whatever
sum remains unpaid on the mortgage, provided the balance exceeds the fair
market value (or such reasonable value as the court finds) of the property at
the time of the foreclosure. Redemption The real estate may be redeemed by the borrower up to one year after the sale if more than 20 acres are involved, or six months for land parcels of less than 20 acres. |
HOME HELP CONTACT US FAQs
©Immediate Foreclosure Solutions®