Montana allows lenders to foreclose and sell homes when the owner who borrowed money fails to stick to the mortgage payments, resulting in default. Lenders must advertise and conduct a public auction to sell Montana foreclosures. Prospective home buyers can find foreclosed properties through these public listings. They can then buy foreclosed homes in Montana by appearing and placing the highest bid at Montana foreclosure auctions.
Find Montana foreclosure listings. The lender who forecloses has a trustee to do the foreclosure sale. The trustee advertises the required public foreclosure auction in a newspaper in the county where the foreclosed property is located. Besides actual newspapers in your local area, you can also look online for foreclosure listings. Visit the USNPL website “Montana” page at Usnpl.com/mtnews.php. Click on the newspaper links. You will then go to the Montana newspapers. Search through the online versions to find “public notices” or “legal notices.” That is where you will find the Montana foreclosures. The trustee must advertise at least once a week for three weeks.
Use the foreclosure notices to get the time, place and date of the auction. Generally, Montana foreclosure auctions take place at the courthouse. However, it is possible for the auction to take place at the trustee’s place of business. Check each listing for the exact location. Of course, you can find the address of the foreclosed property in each listing, as well.
Visit each foreclosed property that you would like to purchase. You can get an idea of what you may have to bid for a property based on the amount owing on the mortgage. The bank generally bids that amount to force any other bidders to bid higher. This results in the bank either buying the property or getting the loan paid off via the purchase made by another bidder. Although you do not have a right to inspect a Montana foreclosed home, you should at least view the outside and talk to neighbors or real estate agents in the area to formulate a maximum bid.
Show up at the auction. Keep in mind that the bidding instructions are also usually found in each listing. Typically, Montana foreclosures are cash sales. But some trustees might accept a certified check. Place the highest bid to buy Montana foreclosures at public auctions.
Speak with the selling trustee to pay your winning bid. The trustee then needs to give you a real estate property deed. You need to take this deed and file it in the county recording office. Ask the trustee if you do not know the location of this office. You must do this as soon as possible to preserve your ownership rights in the Montana foreclosure.
Foreclosure.com: Montana Foreclosure Laws