Idaho foreclosure right of redemption law can be confusing. If you are facing the emotionally challenging prospect of a foreclosure on your home, you need to understand your rights and break through the confusion. If your home is foreclosed upon, you have the right to reclaim your property if you gain the means to pay off your loan and other fees under certain circumstances.
Understanding Idaho Right of Redemption in Foreclosure
Redemption rights in foreclosure come into play after you lose your property through judicial sale or foreclosure. You can redeem or get your property rights back by paying the lender the outstanding principal and interest due on your loan and the lender's foreclosure costs. The availability of redemption rights will depend on how your foreclosure proceedings were carried out. Idaho does not generally allow for judicial foreclosure proceedings.
Idaho's non-judicial foreclosure process is used when a power of sale clause exists in a mortgage or deed of trust. A power of sale clause is the clause in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in cases of default. In deeds of trust or mortgages that have a power of sale clause, the power may be executed by the lender or their representative, usually a trustee. So, your home was likely either foreclosed upon through the power of sale clause or a non-judicial foreclosure proceeding in Idaho.
Under Idaho law, a homeowner who loses a home due to foreclosure has the right to redeem her property rights for up to twelve months if her situation changes and allows her to make good on her loan. If you want to redeem your rights to your property, contact an attorney to assist you in handling the procedure properly and assessing your right to do so.
Getting Legal Help
If you need help reclaiming your property rights in Idaho, contact an attorney who handles foreclosure cases regularly. An attorney can help you by making sure the paperwork is done correctly. You need to understand your rights and the complexity of your legal situation. Your attorney can assist you with all of your complex legal questions and deal with your lender on your behalf if you do not feel equipped to talk with your lender. With a lawyer by your side, you will be more able to get a favorable outcome in your case.
