Montana’s main method of foreclosure involves in what is known as non-judicial foreclosure. This type of foreclosure does not engross to court action but requires notice of sale. When the trust agreement is initially signed it will generally contain a provision called a poer of sale clause. This will allow a trustee to sell the property in which upon default in order to assure the underlying defaulted loan.

The trustee acts as the lender’s representative to let the sale take effect in an auction. Montana has particular rules on who can serve as a trustess which persons are limited to attorneys, title agents and banks. Since this is a non-judicial remedy there are very strict notice requirements and legal documents are required to contain the power of sale language in order to use this type of foreclosure method.

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Before a real estate property is considered to be foreclosed, it passes a legal foreclosure proceeding. The moment a single payment is missed, the bank will try to contact the owner to know the reason for such delays. If the owner did not communicate effectively with the bank, then the bank has no choice but to file for a “Notice of Default”. Depending on the state, the owner will have an average of 30 days to cure mortgage default.

The re-instatement period is also known as the pre-foreclosure stage. Since foreclosure proceeding has not been completed, the property is still in possession of the owner. The owner, in this situation, could choose to sell the property. A pre-foreclosure sale is usually a direct transaction between the owner and the buyer. In cases where the property was listed, a real estate agent will be the one dealing with the buyer in behalf of the owner.

Once the foreclosure proceeding is completed with the owner not being able to cure default during the pre-foreclosure stage, the bank will have to file a “Notice of Foreclosure”. A foreclosure sale is usually set a week after the notice has been filed. In a foreclosure sale, you will see interested buyers: banks to whom mortgage is owed, private investors and of course real estate brokers and agents. All of these people are there to bid for bank foreclosure real estate. The highest bidder naturally wins the auction.

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