 Idaho Loan Modification Guidelines
When you develop a definite plan of action with well-timed, well-informed
steps, you can stop the foreclosure process and save your home. We have
outlined the foreclosure process for the state of 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.
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