Montana Foreclosure Laws

According to Montana law, foreclosure in this state take a little longer to effect than they do in other states that are “title” theory states. Even in the case of an uncontested non-judicial foreclosure, this process may take as long as 150 days to bring to a close. In contested cases, it is even longer.

Both the deed of trust – known in Montana as a “Trust Indenture” and the mortgage are used in this state as primary instruments of security, however in the case of a deed of trust, these generally contain a power of sale clause. This clause allows pre-appointed trustees to the sell the property in the case that the home owner defaults on their loan. Power of sale foreclosures have to be conducted with strict methodology and every step is required to be carried out.

So both the judicial and non-judicial process is allowed to take place on the US state of Montana. In the case of a judicial foreclosure a court will grant the borrower a certain amount of time to remedy the loan, failing this, the court order is granted to sell the property as a foreclosure for the lender to recover their debt.

It is unusual that in Montana law, the type of instrument of security used is determined by the size of the land or the amount of the loan. For example if the land is not more than 40 acres or the loan is more than $500 000 a mortgage, therefore most single family homes are subject to the use of trust indentures.

There are no rights of redemption for home owners in Montana; however lenders are allowed to pursue deficiency judgments in some cases. This is not a standard methodology, so various rules depending on the circumstance of the foreclosure apply.

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