Idaho Foreclosure Laws

This information shall in no way be interpreted as providing legal and/or tax advice. Recipient is strongly advised to seek legal and/or tax counsel. Below are the links to view Idaho Statute. Always rely only on the advice of an Attorney!

TITLE 45 LIENS, MORTGAGES AND PLEDGES

CHAPTER 15 TRUST DEEDS

45-1502 DEFINITIONS -- TRUSTEE'S CHARGE
45-1503 TRANSFERS IN TRUST TO SECURE OBLIGATION -- FORECLOSURE
45-1504 TRUSTEE OF TRUST DEED -- WHO MAY SERVE -- SUCCESSORS
45-1505 FORECLOSURE OF TRUST DEED, WHEN
45-1506 MANNER OF FORECLOSURE -- NOTICE -- SALE
45-1506A RESCHEDULED SALE -- ORIGINAL SALE BARRED BY STAY -- NOTICE OF RESCHEDULED SALE
45-1506B POSTPONEMENT OF SALE -- INTERVENTION OF STAY
45-1507 PROCEEDS OF SALE -- DISPOSITION
45-1508 FINALITY OF SALE
45-1509 TRUSTEE'S DEED -- FORM AND CONTENTS
45-1510 TRUSTEE'S DEED -- RECORDING -- EFFECT
45-1511 REQUEST FOR COPY OF NOTICE OF DEFAULT OR NOTICE OF SALE -- MARGINAL RECORDATION THEREOF
45-1512 MONEY JUDGMENT -- ACTION SEEKING BALANCE DUE ON OBLIGATION
45-1513 TRANSFERS AND TRUSTS ARE CONVEYANCES
45-1514 RECONVEYANCE UPON SATISFACTION OF OBLIGATION
45-1515 TIME LIMITS FOR FORECLOSURE

 

The following is a summary of foreclosure laws. It is not to be considered to be offering legal advice. You must get the advice of an Attorney with any of the following!

Idaho foreclosure laws are different depending on whether the financing instrument is a "Mortgage/Contract" or a "Deed of Trust". While most home owners will be financed with a "Deed of Trust" (aka: Trust Deed), if the property is over 40 acres, Idaho Law states that financing must be by a "Mortgage/Contract for Deed".

Idaho law states that a trust deed may be foreclosed subsequent to recording notice of default as hereinbefore provided, and at least one hundred twenty (120) days before the day fixed by the trustee for the trustee's sale, notice of such sale shall be given by registered or certified mail, return receipt requested, to the last known address of the following persons or their legal representatives, if any:

The notice of sale shall set forth:

1. The names of the grantor, trustee and beneficiary in the trust deed.
2. A description of the property covered by the trust deed.
3. The book and page of the mortgage records or the recorder's instrument number where the trust deed is recorded.
4. The default for which the foreclosure is made.
5. The sum owing on the obligation secured by the trust deed.
6. The date, time and place of the sale which shall be held at a designated time after 9:00 a.m. and before 4:00 p.m., Standard Time, and at a designated place in the county or one of the counties where the property is located.

Idaho foreclosure law states that at least three (3) good faith attempts shall be made on different days over a period of not less than seven (7) days each of which attempts must be made at least thirty (30) days prior to the day of the sale to serve a copy of the notice of sale upon an adult occupant of the real property in the manner in which a summons is served. At the time of each such attempt, a copy of the notice of sale shall be posted in a conspicuous place on the real property unless the copy of the notice of sale previously posted remains conspicuously posted. Provided, however, that if during such an attempt personal service is made upon an adult occupant and a copy of the notice is posted, then no further attempt at personal service and no further posting shall be required. Provided, further, that if the adult occupant personally served is a person to whom the notice of sale was required to be mailed (and was mailed) pursuant to the foregoing subsections of this section, then no posting of the notice of sale shall be required.

A copy of the notice of sale shall be published in a newspaper of general circulation in each of the counties in which the property is situated once a week for four (4) successive weeks, making four (4) publishing’s in all, with the last publication to be at least thirty (30) days prior to the day of sale.

An affidavit of mailing notice of sale and an affidavit of posting (when required) and publication of notice of sale shall be recorded in the mortgage records in the counties in which the property described in the deed is situated at least twenty (20) days prior to the date of sale.

The Idaho foreclosure sale shall be held on the date and at the time and place designated in the notice of sale. The trustee shall sell the property in one parcel or in separate parcels at auction to the highest bidder. Any person, including the beneficiary under the trust deed, may bid at the trustee's sale. The attorney for such trustee may conduct the sale and act in such sale as the auctioneer of trustee. The trustee may postpone the sale of the property upon request of the beneficiary by publicly announcing at the time and place originally fixed for the sale, the postponement to a stated subsequent date and hour. No sale may be postponed to a date more than thirty (30) days subsequent to the date from which the sale is postponed. A postponed sale may itself be postponed in the same manner and within the same time limitations as provided in this subsection.

The purchaser at the sale shall forthwith pay the price bid and upon receipt of payment the trustee shall execute and deliver the trustee's deed to such purchaser, provided that in the event of any refusal to pay purchase money, the officer making such sale shall have the right to resell or reject any subsequent bid as provided by law in the case of sales under execution.

The trustee's deed shall convey to the purchaser the interest in the property which the grantor had, or had the power to convey, at the time of the execution by him of the trust deed together with any interest the grantor or his successors in interest acquired after the execution of such trust deed.

The purchaser at the trustee's sale shall be entitled to possession of the property on the tenth day following the sale, and any persons remaining in possession thereafter under any interest except one prior to the deed of trust shall be deemed to be tenants at sufferance.

Whenever all or a portion of any obligation secured by a deed of trust which has become due by reason of a default of any part of that obligation, including taxes, assessments, premiums for insurance or advances made by a beneficiary in accordance with the terms of the deed of trust, the grantor or his successor in interest in the trust property or any part thereof, or any beneficiary under a subordinate deed of trust or any person having a subordinate lien or encumbrance of record thereon, at any time within one hundred fifteen (115) days of the recording of the notice of default under such deed of trust, if the power of sale therein is to be exercised, or otherwise at any time prior to the entry of a decree of foreclosure, may pay to the beneficiary or their successors in interest, respectively, the entire amount then due under the terms of the deed of trust and the obligation secured.