The best way to begin the Idaho foreclosure recovery process is to let your lender know when you will not be able to make a payment. Lenders usually end up losing money in the foreclosure process and do not actually want to foreclose on your house.

Lenders therefore have an interest in exploring all possibilities in preventing foreclosures in Idaho. Stop foreclosure on your home with strategies that include forbearance, partial claim, payment modification and payment suspension. More of these options will be available if you are only one or two payments behind.

There are three key actions to take in making the most of Idaho foreclosure services:

1. Review and answer all correspondence from your lender. These notices will contain important information on the foreclosure recovery process in Idaho and any pending legal actions.
2. Make a missed payment by raising money quickly. You may be able to sell a second car, jewelry or other assets, or a family member may be able to get an extra job.
3. Avoid foreclosure recovery scams. Many companies will charge you for information you could get for free. Others may ask you to sign over the title to your house.

Action Steps
The best contacts and resources to help you get it done

Know how Idaho house foreclosure law will affect you

Laws on foreclosure vary considerably by state so you should be familiar with at least a summary of foreclosure laws in Idaho. You should also read your loan documents to know what your lender can do if you can't make your payments.

I recommend: Advantage Mitigation Services summarizes the foreclosure laws in Idaho and outlines the foreclosure recovery process. ForeclosureS.com provides the contact information for the Attorney General’s Office in Idaho and links to specific legislation regarding foreclosure in Idaho.

Get information on Idaho foreclosure help

There are housing counselors and online resources available to help you understand your options, assist you in organizing your finances and negotiate with your lender if needed.

I recommend: The Home Loan Learning Center offers extensive resources, including an online quiz for assessing your risk of losing your home. The Department of Housing and Urban Development provides contact information for approved housing counselors in Idaho that are available for free or at a very low cost.

Retain an Idaho foreclosure lawyer

If you need to sign documents, you may need a foreclosure attorney. Idaho attorneys that do not handle Idaho foreclosure law may be able to make a referral.

I recommend: Jeffrey E. Roliq in Twin Falls specifically includes real estate foreclosures as one of its practice areas. Himberger Law Offices in Boise has an extensive practice in real estate law including foreclosures.

Watch out for mortgage recovery scams

The Federal Trade Commission warns that there are plenty of bad guys operating in the foreclosure recovery business who will take your money and provide no service. Some warning signs, according to the FTC: advertising terms like 'guarantee' and '97% success rate', upfront fees before services and company names or websites designed to make you think you're dealing with a government or nonprofit agency.

I recommend: Educate yourself about foreclosure recovery scams through the Federal Trade Commission. The FTC recommends you only seek foreclosure help from government sanctioned counseling agencies like the ones recommended by the U.S. Department of Housing and Urban Development or the federal Making Home Affordable program.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  You may want to include refinancing in your Idaho foreclosure recovery process if you have built-up some equity in your home. You would usually require at least 10% equity to have a reasonable chance at refinancing and it will be easier with more equity. However, you don't want to simply take out a new loan to repay the original mortgage.