Judicial and non-judicial foreclosure is available in Alaska. Primary service instruments are deed of trust and mortgage. The timeline for foreclosure in Alaska varies by process; but typically last 90 days. Right of Redemption varies by process. Deficiency judgements are allowed.
In Alaska, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
Power of Sale Foreclosure Guidelines & Procedures:
• The trustee must record a notice of default in the office of the recorder of the recording district in which the property is located not less than thirty (30) days after the default and not less than three (3) months before the sale.
• Said notice of default must state the name of the borrower, the book and page where the deed is recorded and it must describe the property, the borrower’s default, the amount the borrower owes, and the trustee’s desire to sell. It must also state the date, time and place of the sale.
• Within ten (10) days after recording the notice of default, the trustee must mail a copy of the same by certified mail to the last known address of (1) the borrower, and (2) any person whose claim or lien on the property appears of record or is known to the lender of trustee and (3) any occupant. The trustee may have the notice delivered personally instead of sending it by certified mail.
• Any time before the sale, the borrower may cure the default and stop the sale by paying a sum equal to the missed payments plus attorney’s fees. The lender may not require the borrower to pay off the entire remaining principal balance of the loan to cure the default, just the missed payments and attorney’s fees. If the lender has recorded a notice of default two or more times, then the Alaska statutes provide that the lender can refuse to accept the borrower’s monies for the missed payments and attorney’s fees and proceed with the foreclosure sale instead.
• The sale must be made at a public auction held at the front door of a courthouse of the superior court in the judicial district where the property is located. The trustee must sell to the highest and best bidder and the lender may bid at auction.
• The trustee may postpone sale of all or any portion of the property by delivering to the person conducting the sale a written and signed request for the postponement to a stated date and hour. The person conducting the sale shall publicly announce the postponement to the stated date and hour at the time and place originally fixed for the sale. This procedure shall be followed in any succeeding postponement.
• In a non judicial foreclosure the borrower has a right to redeem the property
• Deficiency suits or judgments are not allowed.
Foreclosure in anchorage alaska can be avoided by contacting Anchorage Field Office Department of Housing and Urban Development3000 C. Street, Suite 401
Anchorage, AK 99503 Phone: (907) 677-9800 Toll-Free (in Alaska only): (877) 302-9800
Alaska bank foreclosures are at an all time high in the year 2009 Foreclosed homes in alaska can be found at http://foreclosurenet.net/states/alaska.asp. Information on alaska foreclosure laws can be found at Udolegal.com. Although alaska foreclosure homes are not nearly as many foreclosures as some other states, there is a bail out plan in effect. The bail out money will help neighborhoods with high numbers of foreclosed houses, but won’t be used to help people who are on the verge of losing their homes.
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