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Foreclosure process in Idaho (ID)

Topic: Foreclosure

Most foreclosures are conducted in Idaho, through non-judicial proceedings. The foreclosure process usually takes 5 months.

In Idaho, the foreclosure process begins when the lender sends a notice of default in the mail to the borrower. A notice will be sent to all that request it as well. The borrower has around 115 days to resolve the default, by paying the whole amount to the lender and stopping the foreclosure process. About 120 days before the sale a notice is sent to the borrower. The borrowers name, the lender and the trustee, besides a description of the property, are all included on the notice. Other information included on the notice include; amount owed, date and time and location of the sale. For four weeks, the sale date is published, once a week, in a newspaper, and final publication needs to be at least 30 days before. The trustee may postpone the auction anywhere up to 30 days from the original auction date. The trustee gives full ownership to the highest bidder after receiving full payment.

They can legally posses the property after 10 days from the sale date. Non judicial Idaho foreclosure sales do not provide for redemption rights.

05/03/2008
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Laneta
What a joy to find someone else who tihkns this way.
read more... 12/21/2012

Vladimir
Marchel,I too was surprised about Utah and releevid to not see Oregon. Bend & Redmond have done a good job of moving its distressed property inventory, which has been pretty sizable; so far, Sisters & Tumalo have had a much smaller cache to wade through. Thanks for stopping by!
read more... 12/18/2012

Janelle
Deborah Voelz, Everyone is looking at what the uamttlie loss is going to be and whether it makes sense to hold off another year or two and mitigate the results. The foreclosure process ?? and it is a process ?? now takes, on average, 18 months to two years, up from 15 months a year ago andBanks also are allowing borrowers to be delinquent for longer and longer periods of time before initiating foreclosures, Sharga said. There are borrowers who are six or eight months in default; they may have exhausted their workout options; but they're put on a forbearance plan because it's an interim to a final resolution, which is foreclosure, he said. Banks don't want to take the losses now. Deferring foreclosures could have bottom-line benefits, experts say. With fewer foreclosed properties hitting the market, housing prices have rebounded slightly. Moreover, properties might recover more of their value later on, so by waiting, banks may be able to cut their uamttlie losses. Everybody is waiting to see what the market is going to do from a property price perspective, Voelz said. At some point, they have to liquidate these assets. and finallyHow banks account for delinquent mortgages is the subject of ongoing debate among regulators, bankers and auditors. Banks are believed to be carrying a lot of loans at accounting levels well above their true market value, he said. But once a property goes into foreclosure, their options have disappeared. Timothy Ward, the deputy director of the Office of Thrift Supervision, went so far as to send a letter to chief executives in May reminding them that banks must account for losses when a loan is 180 days or more past due. Charging off loans only at foreclosure or when deemed uncollectible is considered weak and not in accord with generally accepted accounting principles, Ward reminded bankers. This is the challenge the big banks have, . They're supposed to take the loss at 180 days, but the initial chargeoffs aren't that much and then we're seeing big REO losses No one is encouraging banks to quickly book $75 million in losses and then take the heat for it, since they wouldn't have a job for very long, he said. despite the high redefault rate on modified loans, banks now see an advantage in modifying instead of foreclosing because it cures the delinquency and they may get par value out of the loan, if property values are stable. Even if they get [only] a few payments, if property values go up, they could do a bit better once they take out the borrower. The flip side is: The more foreclosures there are, the worse the losses become down the road, he said. Though deferring foreclosures may help bridge a period of depressed revenues, losses still must be tallied eventually, said Cannon of Keefe Bruyette. One of the oldest lines in banking is the first loss is the best loss,' he said. That's what most lenders believe, but the question is, are they abiding by their own rule?
read more... 05/02/2012

Cade
That's way more clever than I was exptecing. Thanks!
read more... 08/10/2011

Artrell
Stellar work there everyone. I'll keep on radieng.
read more... 08/10/2011

Read all comments: 5

 

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