- Judicial Foreclosure Available: No
- Non-Judicial Foreclosure Available: Yes
- Primary Security Instruments: Deed of Trust
- Timeline: Typically 150 days
- Right of Redemption: Yes
- Deficiency Judgments Allowed: Yes
In Idaho, lenders may foreclose on deeds of trusts
in default using the non-judicial foreclosure process.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used
when a power of sale clause exists in a mortgage or deed of trust. A
"power of sale" clause is the clause in a deed of trust or mortgage,
in which the borrower pre-authorizes the sale of property to pay off
the balance on a loan in the event of the their default. In deeds of
trust or mortgages where a power of sale exists, the power given to
the lender to sell the property may be executed by the lender or
their representative, typically referred to as the trustee.
Regulations for this type of foreclosure process are outlined below
in the "Power of Sale Foreclosure Guidelines".
Power of Sale Foreclosure
Guidelines
If the deed of trust or mortgage contains a power
of sale clause and specifies the time, place and terms of sale, then
the specified procedure must be followed. Otherwise, the
non-judicial power of sale foreclosure is carried out as follows:
The notice of sale must be recorded in the county
where the property is located and given to the borrower and the
occupants of the property (if not the borrower) at least one hundred
twenty (120) days before the date of 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) consecutive weeks. The final ad must be run not less than
thirty (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.
Said notice must describe the nature of the
default, a legal description of the property, as well its street
address, the lender's name, the date, time, and place of the sale,
and the name and phone number of the person conducting the sale.
The foreclosure sale must take place on the date,
at the time and at the place specified in the notice. However, the
sale may be postponed and held at a new time and place, so long as
it is within thirty (30) days of the originally scheduled sale.
If the property consists of more than twenty (20)
acres, the buyer has a period of one (1) year to redeem said
property. If it is less than twenty (20) acres, the period of time
is lessened to six months.
Click here for more information on Idaho foreclosure laws.
