Judicial/ Non-Judicial Foreclosure: Only Non-Judicial Foreclosure Available
Right of Redemption / Deficiency Judgment: Both are Available
Timeline: 150 Days, Can vary depending on individual cases
Deed of Trust / Mortgage as Security Instruments: Deed of Trust
Non-Judicial Foreclosure Process:
In a Non-Judicial foreclosure process, the power of sale exists in the Deed of Trust. The borrower authorizes the lender to foreclose the property in case they happen to default on the loan. Either the lender themselves or their authorized agent can conduct the foreclosure procedures and are referred to as ‘Trustees’. The guidelines for Non-Judicial foreclosure process is given below.
The procedure in the Power of Sale document should be followed if it has all the terms and conditions of the foreclosure sale like the date, time, etc.
Otherwise, a notice of sale should be recorded and sent to the borrower (and) occupants of the property (if any), at least 120 days before the date of actual sale. The notice of sale should be recorded in the same county where the property is physically present.
The notice should be advertised in a newspaper along with the name, phone no, address, name / contact no of the person conducting the sale and description of the property for at least four consecutive weeks. The last advertisement should be before 30 days from the actual date of the sale of property.
The foreclosure sale should happen on the date, time and location mentioned in the notice. But it can also be postponed for up to 30 days from the date announced in the notice. The property is sold to the highest bidder in a public auction.
There is a right of redemption clause in Idaho which the borrower can utilize. This clause allows the borrower to re-claim the property within a limited period by paying up the dues. It is one year for property containing more than 20 acres of land and it is six months for property containing less than 20 acres of land.