Alaska Foreclosure Laws
Attorney General's Office
450 Diamond Courthouse
P.O. Box 110300
Juneau, AK 99811-0300
Ph: (907) 465-3600
Fax:(907) 465-2075
Foreclosure Laws in Alaska
Judicial Foreclosure:
Yes
Non-Judicial Foreclosure:
Yes
Security Instruments:
Mortgage
Right of Redemption:
Non-Judicial Foreclosure Only
Deficiency Judgments:
Judicial Foreclosure Only
Time Frame:
7 Months
Public Notice:
Notice of Default
Judicial foreclosure:
Requires the lender to sue the defaulted borrower to obtain a court order
to foreclose. This process is used when no power of sale clause is present
in the loan documents. The lender may sue to obtain a deficiency judgment,
and the borrower has no right of redemption.
Non-judicial foreclosure:
May be pursued when the loan documents contain a power of sale clause
authorizing the lender to sell the property to recover the loan balance
in the event of default. If the power of sale clause states the time, place,
and terms of sale, then that procedure must be followed. If not, the non-judicial
foreclosure process is as follows:
-
The trustee must record a notice of default and intent to sell in the
recording district in which the property is located within 30 days of the
default and at least three months before the date of sale. Within 10 days
of recordation, the trustee must serve upon the borrower and/or any occupant,
or mail by certified mail a copy of the notice. The notice must also go
to any other party with a lien or claim of record on the property.
-
At any time prior to the sale, the borrower may stop the process by curing
the default plus any costs. If, however, two or more defaults have been
recorded, the lender can refuse to accept payment and proceed with foreclosure.
-
The sale shall be a public auction at the front door of the courthouse
in the judicial district in which the property is located. The sale may
be postponed to a stated date and time with a written request from the
trustee, and such postponement shall be announced at the date and time
of the original sale.
-
No deficiency judgments are allowed, and the borrower has a stated time
within which to redeem the property.
Laws:
