Idaho Foreclosure Laws

To ensure that lenders can regain their losses, they can file for a foreclosure on a defaulted property. Foreclosure laws in Idaho allow judicial foreclosure however; non-judicial foreclosure is the most common proceedings in Idaho. Lenders may call for an out-of-court foreclosure to take place when the power of sale clause is present in the mortgage. Typical timeline for non-judicial foreclosure is 5 months.

Notice of Sale

Under the foreclosure laws in Hawaii, the Notice of Sale must have the following information: date, time, and place of auction, default information and amount owed, property description and address, lender’s name, borrower’s name, trustee’s name, and contact person of the auction.

Idaho Foreclosure Guidelines

• During pre-foreclosure, the lender mails out the Notice of Default to the borrower/homeowner as well as individuals who requested notice. A Deed of Trust is the Security Instrument which doesn’t necessarily require a court hearing.
• The borrower is granted 115 days to settle the default in the loan agreement or debt contract by paying the lender the amount due and additional costs.
• The lender initiates the filing of Notice of Default with the county recorder. Once the Notice has been filed, the lender can schedule the foreclosure sale.
• The Notice of Sale is sent to homeowner or borrower at least 120 days before the auction will take place.
• For 4 consecutive weeks, the Notice of Sale shall be published once a week.
• The final publication should take place at least 30 days before auction.
• The trustee may postpone foreclosure sale up to 30 days through public announcement.
• The trustee can reschedule the foreclosure sale and a new Notice of Sale shall be published and sent to parties involved.
• At the foreclosure sale, any person may bid. After the event, the trustee transfers the property ownership to the winning bidder; provided, a full payment has been made.
• Ten days after the auction, the winning bidder can take possession of the property he or she bought.

As per Idaho foreclosure laws, a lender can call for either a judicial or non-judicial foreclosure. The preparation of the sale and the auction itself is conducted by the trustee’s attorney. Anyone can bid during the foreclosure sale. The winning bidder gets the Certificate of Sale which entitles him or her full ownership of the property. Once the auction has concluded, the original homeowner or borrower has no rights to redemption.