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When you develop a definite plan of action with well-timed, well-informed steps, you can stop the foreclosure process and save
your home. We have outlined the foreclose process for the state of Alaska
Judicial Foreclosure Available: yes
Non judicial Foreclosure Available: yes
Alaska offers two ways to borrow money against real estate: a true mortgage, and a deed of trust. The true mortgage may be
foreclosed in Superior Court, according to the rules of equity. The deed of trust names the trustee who will oversee the foreclosure
sale by recording and posting a notice of sale and arranging an auction to the highest bidder. Alaska law provides a procedure to
appoint a substitute trustee by recording a proper notice of the appointment.
Preferred Method of Foreclosure:Non-judicial deed of trust sale.
Non judicial Power of Sale Foreclosure
The deed of trust must be foreclosed according to its own terms, provided those terms are consistent with the minimum
protections of Alaskas laws.
Preliminary Notices
Recording
Not less than 30 days after the default and not less than three months before the sale, the trust will record notice of default stating
the name of the borrower and the book and page where the trust deed is recorded. It must describe the property, the borrowers
default, the amount the borrower owes, and the trustees desire to sell. It must give the date, time and place of the sale.
Mailing
Within ten 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 or
trustee and (3) any occupant. The trustee may have the notice delivered personally instead of sending it by certified mail.
Reinstatement Rights
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
attorneys 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 attorneyss 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 borrowers monies for the missed payments and attorneys fees and
proceed with the foreclosure sale instead.
Sale Procedures
Place of Sale
Manner of Sale
The trustee can conduct the auction or bring in an auctioneer to call out the sale.
Postponement
The trustee can postpone the sale by giving the person who conducts the sale a signed and written postponement request moving
the foreclosure to a different time and place, which must be publicly announced at the time and place originally fixed for the sale.
Terms
The trustee must sell to the highest and best bidder. The lender may bid at auction. The trustees deed must give the book and page
where both the original deed of trust and the default notice were recorded. It must state the notice of default was properly mailed. It
must give the time, place and manner in which the foreclosure sale was conducted, and the amount paid for the property at
foreclosure. After the sale, the trustee must record an affidavit that the notice of default was properly mailed.
Deficiency
Judicial foreclosure permits a deficiency suit. However,s if the lender forecloses through an out-of-court foreclosure sale under the
deed of trust, then the lender may not sue for a deficiency judgment afterward. |
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House Payment Rescue 5458 Longley Lane Suite A,
Reno, NV 89511
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Office Phone: 775-824-9002 Cell Phone: Fax: 775-824-9015 |
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Copyright ©
2007 House Payment Rescue |
All rate, payment, and area information are estimates and approximations
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