Idaho Foreclosure Process

The Idaho foreclosure process works in a few steps and it can happen in less than a year. It is important to hold onto your home if you are about to miss a payment because the last thing you want to do is have a foreclosure on your credit report.

The first thing that happens when you miss a mortgage payment is initiate the Idaho foreclosure process. The bank will file a notice of default with the Idaho county courthouse that you live in and notify them that you have failed to meet the obligations of the mortgage. After this has been done the bank will do everything they can to contact you and talk to you about bring the loan current. If you are unable to bring the loan up to current the bank may encourage you to sell your home. This is because they do not want to own an home and chances are slim that the property will sell at an auction.

If you are working with the bank to sell the property during the Idaho foreclosure process they may allow you to do a short sale. A short sale is when the bank will allow you to list the property for sale at a price much lower than what you owe on the loan. They will not come after you for the difference because this is an agreement between you and the bank. If the home sells then you will pay the difference owed in taxes as income and not have a foreclosure on your credit.

If you cannot sell your home during the Idaho foreclosure process then the final resort is to sell it in a public auction at the county courthouse. This is usually scheduled approximately 6 months from the original filing of the notice of default.

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