Idaho Process

 

Foreclosure Facts

Foreclosures in Idaho are typically conducted non-judicially, which usually take five months. Upon mailing a notice of default to the borrower, a lender begins the foreclosure process. This notice must also be mailed to any individual who has requested notice. The borrower then has at least 115 days to resolve the default and stop the foreclosure process by satisfying all debt to the lender, including costs. In some situations, the lender may give the borrower the opportunity to stop the foreclosure up to the public sale date.

In addition, the lender files a notice of default with the county recorder. After the notice of default is recorded, the lender is then able to schedule and advertise the foreclosure sale.

Notice of Sale / Auction

At least 120 days before the sale date, a notice of sale which includes the trustee, lender, and borrower names; a description of the property; default information; the amount owed; and the date, time and location of the sale, is mailed to the borrower. The lender must publish the notice of sale in a local newspaper once a week for four consecutive weeks, and the final publication must be at least 30 days before the scheduled sale date.

At public auction, the trustee's sale concludes when the property is sold to the winning bidder. The trustee may postpone the sale up to 30 days by public announcement at the originally scheduled sale, or reschedule the sale, requiring a new notice of sale to be published and sent to the parties involved once more. The trustee sale is at the date, time and place designated in the notice of sale or rescheduled sale, generally between 9:00 a.m. and 4:00 p.m. Any individual may bid, and the trustee transfers ownership of the property to the winning bidder upon receiving full payment. The winning bidder is entitled to possession of the property 10 days after the sale, and the borrower is not granted redemption rights under Idaho law. .