5 Options to Avoid Foreclosure in Boise, Idaho
If you find yourself here today, it’s because either you, yourself or somebody you care about is going through a foreclosure. You need solutions, now.
Before I tell you the best ways to get out of this situation… let’s take a step back for a minute and breathe. Step away from all the stories and emotions that have been going on the last 30, 60, or 90 days and step into the facts with me. This way, we can get clarity to help you make a sound decision.
First, let’s start with the most important question for foreclosure in Boise, Idaho: how much time do you have?
The Foreclosure Timeline in the State of Idaho
The state of Idaho is a nonjudicial state. This means, when you closed on your home and signed that stack of papers, you made a promise to pay your lender X amount of money over a period of time.
You also executed a deed of trust that secures your lender’s collateral and investment in you to the property. They also assigned a trustee (usually a third party). It is going say, “If and when these things happen, we will take care of it legally through a process in which is required by the state.”
In this timeline, after missing three payments (90 days), you may have received a notice of default. This is your lender putting you and the world on notice that they are beginning the formal legal process of foreclosure.
From this point, you have 120 days to bring payments current. If you get to this point or surpass it, because your foreclosure is accessible through the local recorder, you will receive phone calls, emails, mailer pieces, and even unannounced visitors knocking on your door.
Notice of Sale
Over this time period, your lender or trustee will put out notices. They have to do at least three notices and at some point, a notice of sale during the 120-day process. This alerts you as the homeowner and everybody else, “hey, on this particular date, time, and place we’re going to have an auction.”
Because your foreclosure is public, people or businesses may call you or send mailers saying, “hey, tomorrow they’re coming to kick you out!” People use these scare tactics to get you to make a decision from fear and confusion. Until the gavel clangs on the ground announcing the sale of your property or after your 120 days pass… you have ALL the legal rights as a homeowner.
Let’s review your situation:
- After 90 days of missed payments, you may receive a notice of default
- The process of your home’s foreclosure is made public
- You have 120 days, after the default notice, to become current
- Until those 120 days are over or your home is sold at auction, you have full legal rights over the home.
What should I do about my foreclosure in Boise, Idaho?
Hi friend, my name is Dan Walters, with Treasure Valley Property solutions. You might be wondering, what’s next?
From my experience, there are 5 options for homeowners facing foreclosure in Boise, Idaho:
- You can give up. Just wait and let the timeline run out and see what happens next. You can quit by not taking any action… but I believe you are here today looking for a solution. So from this point on, I am going to give you the only 4 real options you have.
- Talk to your lender. Lenders have many programs backed by the federal government. They’ve got options if you qualify and fit into their box. They even have programs to modify or extend repayment over time. At the end of the day, they want to keep you in your house. They want payments, not property. Let them know what’s going on and they will be a bit more open-minded to work with you.
- List with a real estate agent. If you have enough equity, you can list it. But you have to consider time, whether your market is up or down, what’s the timeline to sell? Is it typically 30, 60, 90, or 120 days? Any good real estate agent can answer that. Pick up the phone and google a real estate agent in the area. Consider this though, it can take anywhere between 30, 60, or 90 days to get an offer and 30 – 45 more days to close. You may not have enough time.
- Time to finance with private lenders. This could be a friend, family member, or secondary business offering hard money loans. Either pay off the mortgage or borrow money to catch up on back payments. After borrowing the funds, you will have to pay it back over time.
- Sell your house to us, Treasure Valley Property Solutions.
We are a professional house buying company that’s been working with homeowners in this exact situation for the last 15 years. We understand your situation, but more importantly, we commit to finding the solution in the timeline you deserve. Thus, you get to fix your issue with a hassle-free hands-off approach. If you are looking for a quick, fast, and easy solution, reach out to us. Let us have a conversation, learn more about what your options are, and we will see where we can go from there.