Idaho Counties
State Auction Process in Idaho
Idaho is a tax deed state. This means that if property taxes are not paid, the county can take ownership of the property through a tax deed process.
The tax deed process begins when the property owner fails to pay property taxes for three years. The county will then send the property owner a notice of delinquency and the opportunity to pay the taxes to stop the process (called “redeeming” the property”). The property owner also has the right to a hearing to dispute the delinquency.
If the property owner does not pay the taxes or prevail at the hearing, the county will take title to the property. The property owner then has a 14-month redemption period to pay the full amount of the taxes, plus interest and fees, and redeem the property. If the property owner does not redeem the property within the redemption period, the county will sell the property at auction.
Here are some additional details about the tax deed process in Idaho:
- The property owner is responsible for paying all property taxes that are due, even if they have sold the property. If the property owner does not pay the taxes, the new owner may be able to redeem the property, but they will still be responsible for paying the back taxes.
- The property owner may be able to get a tax exemption if they are unable to pay the property taxes. There are a number of different types of tax exemptions available, and the eligibility requirements vary depending on the type of exemption.
- The county may be able to sell the property at a discount if it is not redeemed within the redemption period. The discount amount is typically based on the amount of back taxes that are owed.
Foreclosures in Idaho
In Idaho, lenders may foreclose on deeds of trusts in default using the non-judicial foreclosure process, which is governed by the presence of a “power of sale” clause in the mortgage or deed of trust. This clause allows the lender to authorize the sale of the property to settle the loan balance in the event of the borrower’s default.
Non-Judicial Foreclosure Process:
1. Power of Sale Foreclosure Guidelines: If the deed of trust or mortgage contains a power of sale clause with specified time, place, and terms of sale, the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure process is carried out as outlined below.
2. Recording of Notice of Sale: The notice of sale must be recorded in the county where the property is located and served to the borrower and occupants of the property (if different from the borrower) at least one hundred twenty (120) days before the sale date.
3. Public Notice: The notice must be published in newspapers in the county where the property is located, once a week for four (4) consecutive weeks. The final ad must be published not less than thirty (30) days before the foreclosure date. The published notice must include a legal description of the property, its street address, and contact information for someone who can provide directions.
4. Notice Content: The notice must describe the nature of the default, provide a legal description of the property, its street address, the lender’s name, the date, time, and place of the sale, and the name and phone number of the person conducting the sale.
5. Foreclosure Sale: The foreclosure sale must occur on the date, time, and place specified in the notice. However, the sale may be postponed and rescheduled within thirty (30) days of the original sale date.
6. Redemption Period: Depending on the size of the property, the buyer has a redemption period of either one year for properties over twenty acres or six months for properties under twenty acres. During this period, the borrower has the right to reclaim the property by paying the outstanding debt and associated costs.
Quick Facts
– Judicial Foreclosure Available: No
– Non-Judicial Foreclosure Available: Yes
– Primary Security Instruments: Deed of Trust
– Timeline: Typically 150 days
– Right of Redemption: Yes
– Deficiency Judgments Allowed: Yes
– Non-Judicial Foreclosure Available: Yes
– Primary Security Instruments: Deed of Trust
– Timeline: Typically 150 days
– Right of Redemption: Yes
– Deficiency Judgments Allowed: Yes
Online Auction Resources
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