- 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.
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here for more information on Idaho foreclosure laws.
