Montana Foreclosure Law

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Montana Foreclosure Laws

Typical Montana Foreclosure Time Frame – The average Montana foreclosure takes approximately 150 days.

Judicial Foreclosure – Yes

Non-Judicial Foreclosure – Yes

Types of Security Instruments – Mortgage and Deed of Trust

Right of Redemption Period – No

Montana foreclosure laws allow for judicial and non-judicial foreclosures.  In the judicial foreclosure process it is required that the mortgage contract or deed of trust not include a power of sale stipulation or clause.  In this circumstance, the lender must petition the court in order to foreclose.  Once the lender petitions the court the court will determine the amount owed and issue a decree ordering the amount to be paid as well as a time for the amount to be paid.  If the amount is not paid within the period set forth by the courts, the courts will issue a Notice of Sale.

According to Montana foreclosure law, for a non-judicial foreclosure the lender has authorization in the form of the power of sale clause that pre-authorizes them to foreclose in the event of a default.  For a non-judicial foreclosure, the following procedures must be followed.

A notice of sale is required to be mailed to the borrower by certified or registered mail at least 120 days before the sale date to the last known address of the borrower.  In addition it is required that a copy of the notice be published at least once a week for a minimum of three consecutive weeks in the public newspaper for the area in which the property is located.  Finally, it is required that a copy of the notice be posted at the actual property no less than 20 days before the sale date.

The notice of sale is required to contain information about the lender, the borrower, the trustee that is responsible for the foreclosure process and information about the property itself including a legal description, the type of the default, and the exact book and page in which the deed is recorded at the local courthouse.

The sale itself is required to be a public auction, which is conducted at the county courthouse in the same county as the property.  A trustee is responsible for carrying out the sale and it is required the sale occur during the hours of 9a.m. and 4p.m.  If for some reason, it becomes necessary to postpone the sale a notice of postponement must be posted on the day of the original sale giving the new time, date, and location of the sale this method however, can only be used if the postponement is less than 15 days from the original date.

Lenders under Montana foreclosure law are prohibited from seeking deficiency judgments and borrowers are prohibited from receiving rights of redemption during the non-judicial foreclosure process.

For more information on Montana 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.