Idaho Foreclosure Law
- Judicial Foreclosure Available: No
- Non-Judicial Foreclosure Available: Yes
- Primary Security Instruments: Deed Of Trust
- Timeline: Usually 150 Days
- Right of Redemption1: Yes
- Deficiency Judgments2 Allowed: Yes in specific circumstances only
Lenders in the state of Idaho may foreclose on deeds of trusts in default using a non-judicial foreclosure process.
Non-Judicial Foreclosure
If a power of sale clause exists in the deed of trust or mortgage document, a non-judicial process of foreclosure is used. This allows the lender to sell the property and pay off the balance of the loan in the event the homeowner defaults.
Power of Sale Foreclosure Procedure
If the deed of trust has a power of sale clause and it details the time, place and terms of sale, then the outlined procedure must be followed. However, if the power of sale clause does not clarify the time, place and terms of sale, then a foreclosure sale is conducted as follows:
- Notice of sale is recorded in the county where the property is located. The borrower and the occupant of the property (if not the same) receive notice of sale at least one hundred twenty (120) days prior to the date of the sale.
- The notice of the sale must include the nature of the default and the lender’s decision to sell. The notice also sets the date, time, place and basis for the sale.
- The notice must be published in the newspapers in the county where the property is located at least once a week for four (4) successive weeks. The final advertisement must run no less than thirty (30) days prior to the foreclosure sale.
A sale may be postponed and held at a new time and place, if it is within thirty (30) days of the originally scheduled sale.
The lender may file a deficiency of judgment suit within ninety (90) days after the foreclosure sale. Judgment may not exceed the difference between the entire amount of the debt and the fair market value of the property at the time of sale.
The borrower has up to one year after the sale to redeem if more than twenty (20) acres are involved. They have six months for land parcels of less than twenty (20) acres.
1 A borrower’s right to reacquire property lost due to a foreclosure.
2 A personal judgment against the borrower for the remaining balance on the loan after a foreclosure sale.
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