Montana State Foreclosure Laws
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Montana Foreclosure Laws
- Judicial Foreclosure Available:
Yes
- Non-Judicial Foreclosure
Available:
Yes
- Right of Redemption:
No
- Deficiency Judgments allowed:
Varies
- Special Comments:
None
Judicial Foreclosure
In judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, then the court will issue a notice of sale.
Non-Judicial Foreclosure
The non-judicial process of foreclosure 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 a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows: A notice of sale must be recorded in the county where the property is located and then: 1) mailed, by registered or certified mail, to the borrower at his last known address at least 120 days before the foreclosure sale; 2) published once a week for three (3) successive weeks in a newspaper of general circulation in the county where the property is located; and 3) posted on the property at least twenty (20) days before the foreclosure sale.
The trustee must conduct the sale between the hours of 9:00 am and 4:00 pm at the courthouse in the county where the property is located. The property must be sold at public auction to the highest bidder.
The sale may be postponed for up to fifteen (15) days by posting a notice at the time and place where the sale was originally scheduled.
Lenders may not obtain a deficiency judgment against the borrower and the borrower has no rights of redemption.
State Law information provided by Foreclosurelaw.org
What can you do
Our foreclosure specialists understand what your Mortgage Company requires to avoid foreclosure or stop foreclosure. We understand what it takes to get a mortgage workout approved.
We will use one of these strategies or perhaps a combination of workout plans to develop your personalized strategy to stop foreclosure:
- Reinstatement Plan
- Repayment Plan
- Loan Modification/Loan restructuring
- Loan Refinance
- Loan Forbearance
- Partial Claim
- Pre-Foreclosure Sale
- Short Sale
- Deed-in-Lieu of Foreclosure
We call ourselves Specialists because we
SPECIALIZE in helping people get out of foreclosure.
Our Name, American Foreclosure Specialists, is the name that you can trust.
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