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Summary:
| Judicial Foreclosure |
No |
| Non-Judicial Foreclosure |
Yes |
| Security Instruments |
Deed of trust |
| Right of Redemption |
Yes |
| Deficiency Judgments |
Yes |
| Time Frame |
Approximately 150 days |
In Idaho, only lenders foreclosing on defaulted deeds of trust may use the non-judicial foreclosure procedure. Judicial Foreclosure is not available.
Accordingly, Idaho deeds of trust contain a power of sale clause that pre-authorizes the lender to sell the property to pay off the loan balance in the event the borrower defaults. If the power of sale clause specifies the time, place and terms of sale, than that procedure must be followed. If not, then the non-judicial foreclosure proceeds as follows:
- A notice of sale must be recorded in the county in which the property is located and a copy given to the borrower and/or occupants of the property at least 120 days before the scheduled sale date.
The notice must include the lender’s name, the nature of the default, a legal description of the property, it’s street address, the date, time and place of the sale and the name and phone number of the person conducting the sale.
The notice must also be published in local newspapers for four consecutive weeks, with the last publication not less than 30 days before the sale date.
- The sale must take place as specified in the notice, but may be postponed for up to 30 days from the original scheduled date and set at a new time and place
- If the property consists of twenty acres or more, the borrower has up to one year to redeem the property. If it consists of less than twenty acres.
The redemption period is six months.
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