A number of states have enacted measures to facilitate greater communication between borrowers and lenders by requiring mortgage servicers to provide certain notices to defaulted borrowers prior to commencing a foreclosure action. The measures serve a dual purpose, providing more meaningful notice to borrowers of the status of their loans and slowing down the rate of foreclosures within these states. For instance, one state now requires a mortgagee to mail a homeowner a notice of intent to foreclose at least 45 days before initiating a foreclosure action on a loan. The notice must be in writing, and must detail all amounts that are past due and any itemized charges that must be paid to bring the loan current, inform the homeowner that he or she may have options as an alternative to foreclosure, and provide contact information of the servicer, HUD-approved foreclosure counseling agencies, and the state Office of Commissioner of Banks.
Idaho Notice of Default and Election to Sell - Intent To Foreclose
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Once you default on your mortgage loan, the lender can demand that you repay the entire outstanding balance, called "accelerating the debt." If you don't repay the full loan amount or cure the default, the lender can foreclose.
In addition to understanding their state's laws, homeowners should know that there are three common methods used to foreclose on a property.
In the context of mortgage foreclosure, a notice of default is a formal notice that a lender filed with courts to notify the borrower who has failed to make payments that the lender intends to conduct a sale foreclosure.
In strict foreclosure proceedings, the lender files a lawsuit on the homeowner that has defaulted. If the borrower cannot pay the mortgage within a specific timeline ordered by the court, the property goes directly back to the mortgage holder.
Phase 1: Payment Default.Phase 2: Notice of Default.Phase 3: Notice of Trustee's Sale.Phase 4: Trustee's Sale.Phase 5: Real Estate Owned (REO)Phase 6: Eviction.Foreclosure and COVD-19 Relief.The Bottom Line.
It takes a long time to foreclose on a property in Idaho. State law requires that the notice of sale be recorded with the county and provided to the borrower at least 120 days prior to the anticipated date of the foreclosure sale. Accordingly, it takes about five months (150 days) to foreclose on property in Idaho.
Once a default notice has been issued, the debt can be passed or sold to a debt collector. You may then start receiving letters and phone calls from the debt collector to chase up on the debt, and payments would need to be made to the debt collector rather than the original creditor.
While some lenders use notices of default as the final step before foreclosure, others use it as a way to work with borrowers to bring the mortgage up to date. A notice of default and subsequent foreclosure actions are documented and reported to credit bureaus.
A Notice of Default is your mortgage lender's way of telling you that you have one last chance to address overdue mortgage payments before your lender will foreclose on your home.
Typically, the nonjudicial foreclosure sale process takes anywhere from 125 to 140 days. Notice of the date of sale must be given no less than 120 days after a notice of default has been recorded in the county record where the property is situated. Idaho Code $ 45-1506.