Idaho Foreclosure Laws
Quick Facts
Judicial Foreclosure Available: Yes
Non-Judicial
Foreclosure Available: Yes
Primary
Security Instruments: Deed of Trust
Timeline: Typically
150 days
Right
of Redemption: Judicial Foreclosure Only
Deficiency
Judgments Allowed: Yes
Idaho Foreclosure is primarily Non-Judicial. More than 98% of foreclosures are
Non-Judicial
MANNER OF FORECLOSURE – Non Judicial
The time limits and contents of the notice law states that a trust deed may
be foreclosed subsequent to recording a notice of default as hereinbefore
provided, and at least one hundred twenty (120) days before the day fixed by
the trustee for the trustee's sale, notice of such sale shall be given by
registered or certified mail, return receipt requested, to the last known
address of the following persons or their legal representatives, if any:
The notice of sale shall set forth:
1. The names of the grantor, trustee and beneficiary in the trust deed.
2. A description of the property covered by the trust deed.
3. The book and page of the mortgage records or the recorder's instrument
number where the trust deed is recorded.
4. The default for which the foreclosure is made.
5. The sum owing on the obligation secured by the trust deed.
6. The date, time and place of the sale which shall be held at a designated
time after 9:00 a.m. and before 4:00 p.m., Standard Time, and at a designated
place in the county or one of the counties where the property is located.
The service of and publication of
the notice law states that at least three (3) good faith attempts shall
be made on different days over a period of not less than seven (7) days each of
which attempts must be made at least thirty (30) days prior to the day of the
sale to serve a copy of the notice of sale upon an adult occupant of the real
property in the manner in which a summons is served. At the time of each such
attempt, a copy of the notice of sale shall be posted in a conspicuous place on
the real property unless the copy of the notice of sale previously posted
remains conspicuously posted. Provided, however, that if during such an attempt
personal service is made upon an adult occupant and a copy of the notice is
posted, then no further attempt at personal service and no further posting
shall be required. Provided, further, that if the adult occupant personally
served is a person to whom the notice of sale was required to be mailed (and
was mailed) pursuant to the foregoing subsections of this section, then no
posting of the notice of sale shall be required.
A copy of the notice of sale shall be published in a newspaper of general
circulation in each of the counties in which the property is situated once a
week for four (4) successive weeks, making four (4) publishing’s in all, with
the last publication to be at least thirty (30) days prior to the day of sale.
An affidavit of mailing the notice of sale, an affidavit of posting or
service and an affidavit of publication the of notice of sale shall be recorded
in the mortgage records in the counties in which the property described in the
deed is situated at least twenty (20) days prior to the date of sale.
Within the first 115 days after the recording of the notice of default the
borrower or any beneficiary of a subordinate deed of trust or any other holder
of a recorded subordinate interest may reinstate the loan in default by paying
all amounts in default to the defaulting lender
The trustee sale shall be held on the date and at the time and place
designated in the notice of sale. The trustee shall sell the property in one
parcel or in separate parcels at auction to the highest bidder. Any person,
including the beneficiary under the trust deed, may bid at the trustee's sale.
The attorney for such trustee may conduct the sale and act in such sale as the
auctioneer of trustee. The trustee may postpone the sale of the property upon
request of the beneficiary by publicly announcing at the time and place
originally fixed for the sale, the postponement to a stated subsequent date and
hour. No sale may be postponed to a date more than thirty (30) days subsequent
to the date from which the sale is postponed. A postponed sale may itself be
postponed in the same manner and within the same time limitations as provided
in this subsection.
The purchaser at the sale shall forthwith pay the price bid and upon receipt
of payment the trustee shall execute and deliver the trustee's deed to such
purchaser, provided that in the event of any refusal to pay purchase money, the
officer making such sale shall have the right to resell or reject any
subsequent bid as provided by law in the case of sales under execution.
The trustee's deed shall convey to the purchaser the interest in the
property which the grantor had, or had the power to convey, at the time of the
execution by him of the trust deed together with any interest the grantor or
his successors in interest acquired after the execution of such trust deed.
The purchaser at the trustee's sale shall be entitled to possession of the
property on the tenth day following the sale, and any persons remaining in
possession thereafter under any interest except one prior to the deed of trust
shall be deemed to be tenants at sufferance.
After the first one hundred fifteen (115) days of the recording of the
notice of default under such deed of trust, or otherwise at any time prior to
the entry of a decree of foreclosure, the borrower or holder of any subordinate
interest may pay to the beneficiary or their successors in interest,
respectively, the entire amount then due under the terms of the deed of trust
and the obligation secured and stop the foreclosure action
MANNER OF FORECLOSURE – Judicial
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
