Contract Notice

TITLE 45 LIENS, MORTGAGES AND PLEDGES CHAPTER 16 CONSUMER FORECLOSURE PROTECTION ACT 45-1602. Contract notice. (1) During the foreclosure period described in section 45-1506 , Idaho Code, any contract or agreement with the owner or owners of record that involves the transfer of any interest in residential real property, as defined in section 45-525 (5)(b), Idaho Code, subject to foreclosure must be in writing and must be accompanied by the following notice in at least 12-point boldface type: NOTICE REQUIRED BY IDAHO LAW Mortgage foreclosure is a legal proceeding where a lender terminates a borrower’s interest in property to satisfy unpaid debt secured by the property. This can mean that when a homeowner gets behind on his or her mortgage payments, the lender forces a sale of the home on which the mortgage loan is based. Some individuals or businesses may say they can "save" your home from foreclosure. You should be cautious about such claims. It is important that you understand all the terms of a plan to "rescue" you from mortgage foreclosure and how it will affect you. It may result in your losing valuable equity that you may have in your home. If possible, you should consult with an attorney or financial professional to find out what other options you may have. Do not delay seeking advice, because the longer you wait, the fewer options you may have. You may find helpful information online. One excellent source is the Department of Housing and Urban Development (HUD) website. HUD maintains on its website a list of approved housing counselors who can provide free information to assist homeowners with financial problems. Another good source of information is found at the Office of the Idaho Attorney General’s website. Under Idaho law, you have five (5) days to rescind or undo certain contracts or agreements that relate to transferring interests in property or money in a foreclosure situation. An attorney or financial professional can tell you more about this option. (2)  If during the foreclosure period described in section 45-1506 , Idaho Code, any contract or agreement that involves the transfer of any interest in residential real property, as defined in section 45-525 (5)(b), Idaho Code, was solicited, negotiated, or represented to the consumer in the Spanish language, the written notice to be provided to the consumer and set forth in this section shall be in the Spanish language on a form to be prepared and made available by the office of the attorney general.