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Foreclosure is a non-judicial remedy available in Idaho as the state operates as a title theory state. Although Idaho allows for mortgages to serve as liens, foreclosure of a mortgage is requiring judicial protocols which makes the use of a deed of trust a faster foreclosure option for lenders.
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.
Redeeming the Property Some states also provide foreclosed borrowers with a redemption period after the foreclosure sale, during which they can buy back the home. Idaho law, however, doesn't provide a post-sale redemption period after a nonjudicial foreclosure. (Idaho Code Ann. § 45-1508).
Idaho has judicial foreclosure, but has non-judicial foreclosure is the most common. A non-judicial foreclosure means that a ?Power of Sale? clause is in the deed of trust or the mortgage paperwork. This gives the lender the authority to sell the property if the borrower defaults on the loan.
Idaho has anti-deficiency statutes for both mortgages and deeds of trust.
Idaho Statutes 5-214A. Action to foreclose mortgage on real property. An action for the foreclosure of a mortgage on real property must be commenced within five (5) years from the maturity date of the obligation or indebtedness secured by such mortgage.
How To Obtain a Loan Foreclosure Letter From Bank? Firstly, write a foreclosure letter to the bank. ... Once the bank receives your letter, they will calculate the amount you still need to pay. The bank will inform you the amount and then you will have to make payment via NEFT, RTGS, or cheque.
To begin the process, the lender is required to send a breach letter informing the borrower of delinquent payments. After you receive this letter, the borrower usually has approximately 20-30 days to cure the default or be foreclosed. At least 21 days before the foreclosure sale, the lender will send a notice of sale.