Tom purchased a home in Coeur d'Alene using a deed of trust. He has now defaulted on his loan payments. Under the Idaho Trust Deeds Act, what is the minimum cure period that must elapse after a Notice of Default is recorded before a trustee's sale can be conducted?
Correct Answer
D) 115 days after the Notice of Default is recorded
Under the Idaho Trust Deeds Act (I.C. § 45-1506), after a Notice of Default is recorded, the grantor (borrower) has a minimum cure period of 115 days in which to bring the loan current and stop the foreclosure. The trustee's sale cannot occur until this 115-day period has elapsed. This is a specific Idaho statutory timeline that differs from many other states.
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Key Terms:
Related Concepts
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
A fixed-rate mortgage has an interest rate that remains constant for the entire term of the loan, resulting in equal monthly principal and interest payments throughout the life of the mortgage.
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