Idaho Foreclosure Law

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Idaho Foreclosure Laws

Typical Idaho Foreclosure Time Frame – Typically in the range of 150 days.

Judicial Foreclosure – No

Non-Judicial Foreclosure – Yes

Types of Security Instruments – Deed of Trust

Right of Redemption Period – 365 days or 12 months for 20 acres of land or more, 180 days or 6 months for less than 20 acres of land.

Idaho foreclosure laws do not allow for judicial foreclosures.  This means that lenders who have a defaulted deed of trust are only able to foreclose using the non-judicial foreclosure method.  Because of this, lenders are required to ensure that the deed of trust contains a Power of Sale stipulation or clause that gives the lender permission to sell the property to fulfill the loan balance should the property go into default. 

The non-judicial foreclosure laws in Idaho stipulate that if the Power of Sale clause stipulates the exact time, location and details of the same then it must be followed exactly.  If however, the clause does not stipulate the details of the sale then the following guidelines must be followed.

The first step involves a Notice of Sale being filed in the Idaho county in which the property is physically located.  In addition, a copy of the notice must be given to the borrower and any occupants whom are at the property.  This must be done a minimum of 120 days before the date of sale.  Also, the notice must be published in the public newspaper that is circulated in the county in which the property is located for a minimum of four consecutive weeks.  The final publication of the notice must be no less than 30 days before the date of sale.

According to Idaho foreclosure law, the notice that is filed, delivered and published is required to include the name of the lender, the fact that the property is in default, legal description of the property, the street address, time and date of the sale and even the contact information of the person who is conducting the sale.

In Idaho, the sale of the home must take place as is outlined in the notice; however, the sale can be postponed for as many as 30 days.  If this is done a new date, time, and location must be made public before the date of the original sale.

For more information on Idaho foreclosure laws click here.

 

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The information found on this site is not intended to be legal advice. The foreclosure process is highly case specific and laws vary throughout the United States. Please seek professional legal counsel before entering into any contract regarding any real property or stopping the foreclosure on any real property. By using this site you consent to the terms posted here.