Idaho Foreclosure Law

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Below you will find information specific to Idaho foreclosure law. A brief breakdown of foreclosure facts are listed in the table and are defined more thoroughly just below the table:

Judicial Foreclosures	YES
Non-Judicial Foreclosures	YES
Primary Security Instruments	Deed of Trust
How long does it take?	About 5 months
Right of Redemption	YES (Judicial foreclosures only)
Deficiency Judments Allowed?	YES
Sale Publication Period	45 days
Sale/NTS	Trustee

 

Non-Judicial Foreclosures

The primary method of foreclosure sale in Idaho foreclosure law is power of sale.  This process is much faster because the courts are not involved. Also, when no judicial action takes place prior to the foreclosure, the right of redemption does not apply.

 

Judicial Foreclosures

Although power of sale is the primary foreclosure method in Idaho foreclosure law, the unpopular and lengthier judicial foreclosure must be used if the security instrument doesn’t contain a power of sale clause or if the property being foreclosed is more than 40 acres. The use of judicial foreclosure usually results in certain redemption rights.

Timeline

With Idaho foreclosure law, the lender first records a notice of default in the county where the property is located and notifies the homeowner of its intentions to foreclose. This is the first step of the foreclosure mechanism in Idaho.  The notice gives the borrower 115 days to pay off the amount in default plus costs and avoid foreclosure. Once a notice of default is recorded, the lender can schedule a sale date.

120 days before the scheduled sale date, a notice of sale must be mailed to the homeowner.  This notice presents the borrower with detailed information about the property, amount in default and details of the sale including time, date and location. The notice of sale must be published in the local paper once a week for four consecutive weeks. The last notice must run at least 30 days before the proposed sale and if the property is occupied, at that same time frame, 3 attempts must be made in a 7-day period to serve the notice of sale on any adult occupant.  The sale must take place at the location, date and time stipulated on the notice of sale. To postpone the sale for up to 30 days, the lender must provide the borrower with a 20-day written notice. A sale may however be re-scheduled for up to 30 days with only a public announcement at the original location of the sale; no further notifications are needed at this point. The trustee’s attorney usually conducts the sale that takes place between the hours of 9AM and 4PM. The property is sold to the highest bidder and the new owner may take possession in as little as 10 days after the sale.

 

Right of Redemption

Only judicial foreclosures give the homeowners a one year right of redemption. Power of sale offers no right of redemption in Idaho foreclosure law.

 

Deficiency Judgement

Deficiency actions must be brought forth no more than 90 days after the foreclosure sale. The deficiency judgement amount cannot be higher than the difference between the debt and the fair market value of the property. Filing costs may however be included in the judgement.

 

Related Links:

Idaho Foreclosure Attorneys: Here you'll find a list of foreclosure attorneys specific to your area. Speak with an attorney that can help you make the best decision possible.
Deficiency Judgment: Allows lenders to get a judgement agianst you in the amount of the deficiency after a sale at auction. Read more about it here.
Notice of Default: A document that begins the foreclosure process. We define it more clearly here.
Notice of Sale: Understand what it is and how it relates to the foreclosure process.
Right of Redemption: Even if you've lost your property to auction, you may be able to get it back. Here is more information about what right of redemption actually is.