Idaho Foreclosure Laws

When it comes to foreclosure laws in Idaho there is some unusual things to be reviewed. For one thing it takes in the neighborhood of 150 days to run through the procedure and they do not allow the judicial foreclosure method but instead only allow only the non-judicial method. Also, the Deed of Trust is the only recognized security instrument here in this state.

The foreclosed borrower is allowed the right of redemption to reacquire the property and the lender also retains the right to file with the court for a deficiency judgment to cover the difference between sales price and what was actually owed on the property.

Accordingly, Idaho deeds of trust contain a power of sale clause that pre-authorizes the lender to sell the property to pay off the loan balance in the event the borrower defaults.

A notice of sale must be recorded in the county in which the property is located and a copy given to the borrower and / or occupants of the property at least 120 days before the scheduled sale date. This notice must include the lender’s name, type of default, legal description of the property, street address, the date, time and place of the sale and the name and phone number of the person conducting the sale.

The notice must also be published in local newspapers for four consecutive weeks, with the last publication not less than 30 days before the sale date.

If the property consists of twenty acres or more, the borrower has up to one year to redeem the property. If it consists of less than twenty acres the redemption period is six months.

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