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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 is 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 yea after the sale if more than 20 acres are involved, or six months for
land parcels of less than 20 acres. |
