Idaho Foreclosure Prevention Efforts

For 2009, Idaho ranked 6th among all states in foreclosure rate, an increase of 101.61% from the year before. Nationally, 2009 was the worse year for foreclosures in US history, with 2.8 million property owners receiving a foreclosure notice.

Idaho foreclosures are primarily non-judicial. The process begins when the lender mails a default notice to the borrower. The notice of sale must be recorded in the county where the property is located and given to the borrower at least 120 days before the date of the sale. The lender also publishes the notice of sale in a local newspaper once a week for four weeks. The final publication has to be at least 30 days before the sale date. The homeowner has at least 115 days to stop the process by paying the full amount due, including costs.

The lender may allow the borrower to stop the foreclosure up to the date of the public sale. Non-judicial foreclosures in Idaho do not provide redemption rights for the borrower after the foreclosure sale. The winning bidder is entitled to possession of the property 10 days after the sale.

The state of Idaho urges its distressed homeowners to do the following:

• Don’t ignore the problem. Contact your lender as soon as you realize that you might fall behind on your mortgage. Waiting will limit your choices.
• Understand your options.
• Prioritize your spending, drawing on all your assets to make your home payments.
• Read and understand all documents before signing them.
• Don’t fall victim to a home rescue scam.
• If you hire a for-profit foreclosure prevention company, know that loan modification firms must be licensed as debt or credit counselors under the Idaho Collection Agency Act. Confirm that they are licensed through the Idaho Department of Finance.

Idaho Department of Finance
Park Blvd, Suite 200
PO Box 83720
Boise ID 83720-0031
208-332-8000
Toll free in Idaho 888-346-3378
http://finance.idaho.gov

A better choice is to start the process by contacting a non-profit housing counselor. The Idaho Housing and Finance Association offers free foreclosure prevention counseling statewide. To find free counseling call 877-888-3135 or visit www.ihfa.org.

Here’s the US Department of Housing and Urban Development approved list for Idaho.

NeighborWorks America has two member organizations offering foreclosure prevention assistance:

Neighborhood Housing Services, Inc.
1401 Shoreline Dr.
P.O. Box 8223
Boise, Idaho 83702
Phone: 208-343-4065
Toll Free: 866-914-8335
Fax: 208-343-4963
TDD/TTY: 800-377-3529
Se Habla Espanol: 208-343-4065 Ext. 101
www.nhsid.org

P.N.H.S.
206 North Arthur Ave.
Pocatello, ID 83204
208-232-9468
Fax: 208-232-9231
www.pnhs.org

If you are unable to reach your servicer or local state program, or if you would like additional assistance in this process contact Mortgage Outreach at 1-866-408-0420. Mortgage Outreach works directly with many servicers to help find solutions for borrowers that are struggling to keep up with their payments.