Additional foreclosure links in this
site:
Help
Avoiding Foreclosure: how it happens and what it means for you
Steps
to take when you can’t make your mortgage payments
Detailed
Idaho foreclosure laws
Frequently
asked questions
Contacting Mortgage
Lenders
Foreclosure Glossary
What is Foreclosure?
Foreclosure is a process that allows a lender to recover the amount
owed on a defaulted loan by selling or taking ownership (repossession)
of the property securing the loan. The foreclosure process begins
when a borrower/owner defaults on loan payments (usually mortgage
payments) and the lender files a public default notice. The foreclosure
process can end one of four ways:
- The borrower/owner pays off
the default amount to reinstate the loan during a grace period
determined by state laws. This grace period is also known as
pre-foreclosure.
- The borrower/owner sells the
property to a third party during pre-foreclosure. The sale allows
the borrower/owner to pay off the loan and avoid having a foreclosure
on his or her credit history.
- A third party buys the property
at a public auction at the end of pre-foreclosure.
- The lender takes ownership of
the property, usually with the intent to re-sell. The lender
can take ownership through an agreement with the borrower/owner
during pre-foreclosure or by buying back the property at the
public auction. These are also known as bank-owned properties.
Idaho Foreclosure Laws:
(Click here for a more detailed outline
of Idaho foreclosure laws)
Idaho foreclosures are primarily
accomplished through out-of-court proceedings. The typical timeline
for an out-of-court Idaho foreclosure is five months.
1. Pre-foreclosure Period
A foreclosure in Idaho begins when
the lender mails a notice of default to the borrower. The notice
must also be sent to any person who has requested notice. The borrower
has at least 115 days to resolve the default and stop the foreclosure
process by paying the lender the full amount due, including costs.
In some instances, the lender may allow the borrower to stop the
foreclosure up to the public sale date.
The lender also files a notice of
default with the county recorder. After the notice of default is
recorded, the lender can schedule and advertise the foreclosure
sale.
2. Notice of Sale / Auction
At least 120 days before the sale
date, a notice of sale is mailed to the borrower. The notice includes
the trustee, lender, and borrower names; a description of the property;
default information; the amount owed; and the date, time and location
of the sale. The lender also publishes the notice of sale in a local
newspaper once a week for four weeks, and the final publication
has to be at least 30 days before the sale date.
The trustee's attorney conducts the
sale. The trustee may postpone the sale up to 30 days by public
announcement at the originally scheduled sale. The trustee may also
reschedule the sale, in which case a new notice of sale must be
published and sent to the parties involved again. The trustee sale
is at the date, time and place designated in the notice of sale
or rescheduled sale (usually between 9:00 a.m. and 4:00 p.m.). Any
person may bid, and the trustee transfers ownership of the property
to the winning bidder after receiving full payment. The winning
bidder is entitled to possession of the property 10 days after the
sale.
(Click
here for a more detailed outline of Idaho foreclosure laws)
How I can Help You
1. Provide Information
2. Pre-Foreclosure Sale:
This
will allow you to sell your property and pay off your mortgage loan
to avoid foreclosure and the damage it does to your credit rating.
**
I can
help you directly with this sale option.
Contact me via email
at kelly@HiKelly.net or by
phone at 208-841-4868. I will get you the best market value
for your property, and may be able to find you another affordable
property.
Click here if you want
to know your homes current market and what it would likely sell
for.
Additional foreclosure links in this
site:
Help
Avoiding Foreclosure: how it happens and what it means for you
Steps
to take when you can’t make your mortgage payments
Detailed
Idaho foreclosure laws
Frequently
asked foreclosure questions
Contacting Mortgage
Lenders
Foreclosure Glossary
