Foreclosure Reforms Effective September 1, 2011
Attorney General Lawrence Wasden, the Idaho Department of Finance and the Idaho Bankers Association sponsored House Bill 331, which, beginning on September 1, 2011, changes the requirements for foreclosing on a trust deed in Idaho.
Notice Requirements for Postponed Sales (Idaho Code § 45-1506(8))
HB 331 amends Idaho Code § 45-1506(8) to require a trustee, at least 14 days before a “postponed” sale is conducted, to mail an amended notice of trustee’s sale by certified mail, return receipt requested, to the grantor in the trust deed and any other person identified in Idaho Code § 45-1506(2). The amended notice of trustee’s sale must inform the parties of:
The trustee or beneficiary must record an affidavit of mailing confirming that the amended notice was mailed.
Notice Requirements for Mortgage Loan Loss Mitigation (Idaho Code § 45-1506C)
Idaho Code § 45-1506C, a new section in title 45, chapter 15, Idaho Code, requires lenders to provide homeowners a written notice that:
At least 20 days before a trustee’s sale of the property, the beneficiary must file an affidavit of compliance with Idaho Code Section 45-1506C with the recorder’s office in the county where the property is located.
Idaho Code § 45-1506C(7) allows the Attorney General to bring an enforcement action under Idaho Code § 48-606 against any person who violates the statute. No private right of action is authorized.