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:

1. 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.

2. 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.

3. 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.

4. No deficiency judgments are allowed, and the borrower has a stated time within which to redeem the property.

Laws:

• Section 34.20.070. Sale By Trustee
  Law which regulates the sale of real property.

• Section 34.20.100. Deficiency Judgement Prohibited

• Section 34.20.080. Sale at Public Auction
  Law which regulates the sale of a deed of trust and the manner in which to sell it.

• Section 09.30.010. Recording Copy of Judgment as Lien
  Law which regulates how the foreclosure process is initiated.

• Title 9 Code of Civil Procedure-Chapter 30 Judgements
  Law which regulates various liens filed against the real property.

• Alaska State Statutes