Montana Foreclosures and Foreclosed Homes for Sale

Montana recognizes both judicial and non-judicial foreclosures. Which process will be used is determined solely by the existing mortgage. Most mortgages in Montana contain a clause allowing lenders to foreclose on a property out of court if the buyer is in default of the loan. The ease of this method makes the typical foreclosure process last around five to six months.

To begin the non-judicial foreclosure process, the lender must file a notice of sale with the county recorder. An auction is scheduled no less than 120 days after this notice is filed. The lender is not required by law to notify the borrower about the impending auction at this time, unless the terms of the mortgage demand it. Montana law does require, however, that borrowers be allowed to halt the foreclosure process at any time prior to the auction date by paying the default amount, plus necessary costs, in full.

After the auction date has been scheduled, a notice of sale must be posted in a noticeable location on the property no less than 20 days prior to the foreclosure sale. It must also be printed in a local newspaper at least once a week for a period of three weeks. With pertinent information about the property and auction, these notices are a great way to search for upcoming auctions which may be of interest.

The general public is welcome to bid on the property, which will be sold to the highest bidder in front of the county courthouse on the scheduled date. The winning bidder is required to make full payment on the day of the auction, and will take full ownership of the property within 10 days. As the previous borrowers were allowed at least 120 to pay the default amount in full prior to the foreclosure sale, Montana makes no provisions for redemption rights.

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