Alaska Foreclosure Law

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Alaska Foreclosure Laws

Typical Alaska Foreclosure Time Frame – The average time for most Alaska foreclosures is in the range of 90 days.

Judicial Foreclosure – Yes

Non-Judicial Foreclosure – Yes

Types of Security Instruments – Mortgage or a Deed of Trust

Right of Redemption Period – In a non-judicial foreclosure, Alaska allows for a period of 365 days or 12 months for Right of Redemption.  The Right of Redemption is not allowed or acknowledged during a judicial foreclosure.

Alaska foreclosure laws have provisions that allow both judicial and non-judicial foreclosures to be sought when a default occurs.  Alaska foreclosure laws have several restrictions on deficiency judgments, the first is that only using a judicial foreclosure can a deficiency judgment be sought, and only if the lender sues the borrower.  In a non-judicial foreclosure, a deficiency judgment is not allowed, but a Right of Redemption period is available.

According to Alaska foreclosure law, in a judicial foreclosure, the lender must file a lawsuit in order to obtain the court’s permission before a foreclosure can take place.  If a judicial foreclosure is used there are no Rights of Redemption, and a deficiency suit is allowed in order for the lender to recover all monies due on the property that are not acquired during the auction sale.

Non-judicial foreclosures in Alaska are possible when that possibility is included as a clause in the deed of trust for the property or included in the mortgage contract.  Without this clause, it is not possible to have a non-judicial foreclosure in Alaska.  With a non-judicial Alaska foreclosure, a “power of sale,” stipulation or clause in the contract gives the lender the authorization to foreclose on the property if the mortgage goes into default.  There are regulations and guidelines that must be followed, and in this type of foreclosure, there is a 365 day or 12 month Right of Redemption period that is available to borrowers.

Alaska foreclosure guidelines for a Power of Sale state that there is a specific procedure that must be followed and it must meet the protection laws that are outlined by the State of Alaska itself.  There are three phases to the foreclosure process in Alaska.  The first involves a trustee for the property recording a notice of default with the county recorder that has jurisdiction over the property.  This must be done no sooner than 30 days of the default occurring, and no later than 3 months before the sale of the home.  The notice of default must include information about the borrower such as their name, the identifying information about the deed for the property including a description of the property, the amount the borrower owes entirely, and the amount the borrower is in default, and must also include the trustee’s written intent to sell the property.  Included in this notice is also the time, date, and place in which the sale will occur.

The second phase involves requiring the trustee to mail to the borrowers a copy of the recording to the last known address of the borrower and anyone else whom has a lien or other claim on the property and finally anyone who may be occupying the property at the present time.  Alaska foreclosure law does allow the trustee to have the notice of default personally delivered instead of being mailed if chosen, however in order to mail the notice of default it must be mailed by certified mail.  If the borrower so chooses, they may stop the foreclosure at any time up until the sale by paying the total amount of missed payments, plus any attorney’s fees in full.  In Alaska, if the foreclosure process is the first to occur, it must stop the foreclosure process once this money is received, if a notice of default has been filed two or more times with the county, then the lender is not required to accept the money and can proceed with the foreclosure sale.

The final phase of the foreclosure is the actual sale of the property.  This must be done at a public auction in which all members of the public are allowed to attend.  It also must be held at the front door of the local courthouse that has jurisdiction of the property.  The courthouse used must be the superior court.  The trustee is required to sell the property to the highest bidder and the lender is allowed to bid at the auction.  If necessary, the trustee is allowed to postpone the sale by giving the person conducting the sale a written and signed notice requesting the postponement that includes the new date and time for the sale.  This notice must be announced publically to all parties who are attending the auction on the date and time that the sale was originally scheduled to take place.

For more information on Alaska foreclosure laws click here.

 

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The information found on this site is not intended to be legal advice. The foreclosure process is highly case specific and laws vary throughout the United States. Please seek professional legal counsel before entering into any contract regarding any real property or stopping the foreclosure on any real property. By using this site you consent to the terms posted here.