Crafting Unique Solutions for Homeowners in Financial Crisis
At Idaho RE Solutions, we understand the urgency and sensitivity of the situation of homeowners in financial crisis. Our approach takes the time to fully understand your situation and crafts a unique solution tailored for you. Financial crisis often needs a lifeline to get you back on solid ground. Facing foreclosure can be a whirlwind of decisions that must be made in a short time or the severe economic consequences can last for years. We offer creative solutions tailored to your unique circumstances.
Contact us today for a free, no obligation consultation.
Understanding Foreclosure
Foreclosure is a scary and intimidating process, leaving many homeowners overwhelmed and unsure of their options. When you purchased your property the mortgage (Deed of Trust) contained provisions for the lender to recover their investment by Foreclosure. Essentially, foreclosure is the legal process lenders initiate to reclaim a property when the homeowner fails to make mortgage payments as agreed. It’s a situation that no homeowner wants to face, but understanding the process is the first step towards finding a solution. Remember, time is limited in the foreclosure process; get started now.​
Foreclosure processes often vary from state to state, but generally, they follow a similar path:​
Missed Payments: Foreclosure proceedings usually begin after a series of missed mortgage payments. Lenders typically offer a grace period, but once this expires, the foreclosure process may start.​
Notice of Default: Homeowners receive a notice of default after continued non-payment, which serves as a formal warning that the legal process to foreclose on the home has begun. Idaho law stipulates that a Foreclosure Auction cannot proceed until after 120 days from the Notice of Default.
​Pre-Foreclosure: This 120 day period from the Notice of Default to the Auction, allows homeowners the opportunity to negotiate with your lender to modify your loan (usually increasing your monthly payment), pay off the full, overdue amount, including legal fees and penalties (your lender will not accept a partial payment) or sell the property to pay off the debt before the home is auctioned. Contact us for your custom solution.​
Auction: If the situation isn’t resolved, the property may be sold at a public auction to the highest bidder. Once the property is sold, by Idaho law, you will have 10 days to move out.​
Post-Foreclosure: If the property doesn’t sell at auction, it becomes a bank-owned or REO (Real Estate Owned) property. The bank will give you a short time to move out and will most often sell the property.​​
Ways to Avoid Foreclosure
1. Loan modification
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What: Lender permanently changes loan terms (rate, term, or principal) to lower monthly payment.
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When it helps: Borrower can afford a lower payment long-term but needs permanent change.
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Pros: Keeps the home, avoids sale; can lower payment substantially.
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Cons: Approval process can take weeks–months; documentation heavy; may require partial paperwork/back-pay plan.
2. Repayment Plan / Reinstatement
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What: Catch up missed payments by paying past-due amount over time (repayment plan) or in full (reinstatement).
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When it helps: Borrower can realistically catch up within a short window.
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Pros: Keeps original loan; clears default without changing loan terms.
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Cons: Monthly payment increases while repaying past due; needs steady income.
3. Sell the property.
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What: Sell the home on the market and pay off the mortgage. Listing, showing, selling and escrow can take months.
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When it helps: Borrower can move, has equity or can pay closing costs, or wants to avoid foreclosure’s credit impact.
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Pros: Cleaner than foreclosure; may preserve credit if sale covers debt.
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Cons: Requires time and may not cover full mortgage if underwater; moving costs and logistics.
4. Bankruptcy
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What: Filing Chapter 13 (reorganization) or Chapter 7 may temporarily or permanently stop foreclosure (automatic stay).
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When it helps: Complex situations with many debts or when you need time to cure mortgage arrears via a Chapter 13 plan.
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Pros: Immediate pause on foreclosure process; Chapter 13 can restructure arrears into a payment plan.
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Cons: Significant long-term credit impact; court process, attorney costs; not a guaranteed solution for mortgage cure.
5. Sell your home to Idaho RE Solutions "subject to" existing financing.
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What: Idaho RE Solutions can bring your loan current, pay penalties and fees.
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When: Any time before the public auction. The sooner the better. You get a better deal and avoid foreclosure.
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Pros: You avoid foreclosure, we take over your payments and renovate and sell the property. Depending upon the details, you may end up with money in your pocket.
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Cons: You have to move. (But we can help with that too!)
Your Next Step?
Take action. Foreclosure does not wait for you. Figure out your options and get started.
We can help you along the way.
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Contact us today!
208-301-5914