Alaska Foreclosure Help – Stop Foreclosure in Alaska

 


Finding Foreclosure Help in Alaska

Foreclosure help counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America.

There is no need to pay a private company for these services.

Anchorage Field Office

Department of Housing and Urban Development
3000 C. Street, Suite 401
Anchorage, AK 99503

Phone: (907) 677-9800

Toll-Free (in Alaska only): (877) 302-9800
Email: AK_Webmanager@hud.gov
Fax: (907) 677-9803
TTY: (907) 677-9825

Jurisdiction: State of Alaska

Colleen Bickford
Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Alaska Foreclosure Law Summary

Quick Facts:

  • The judicial foreclosure type is available.
  • The non-judicial foreclosure type is available.
  • Deeds of trusts and mortgages are the primary security instruments.
  • The timeline can vary by process, which typically takes 90 days.
  • The borrower’s right of redemption period varies by process.
  • The lender may sue for deficiency judgements but vary by process.

Lenders in Alaska may foreclose on mortgages through a judicial or non-judicial foreclosure process.

Judicial Foreclosure
The judicial foreclosure process is done when there is no power of sale clause present in a mortgage deal. This is done by filing a lawsuit to obtain a court order to foreclose. Once this is obtained, the property can then be auctioned off to the highest bidder. The lender is allowed to file for deficiency suits while borrowers have no right of redemption.

Non-Judicial Foreclosure
The non-judicial foreclosure process is done when there is a power of sale clause present in a mortgage deal. This means that the borrower has pre-authorized the sale of the property in the event of their default. Here, the lender or a representative has the power to sell the property at an auction.

Power of Sale Foreclosure Guidelines
If the power of sale clause includes the terms of the sale, this must be followed. If not, the foreclosure sale must be done following the process stated below.

A notice of default must be sent and recorded at the office of the recorder of the county where the property is located. The notice must be sent within 30 days after the default and less than 3 months before the sale is scheduled to take place.

A copy of the notice of default must also be sent to the borrower, and any other person who has a claim on the property. This must be sent within 10 days after the notice of default has been recorded at the office of the recorder.

For the borrower to stop the sale, he must settle his balance and pay the attorney’s fees as well. But if two or more defaults have been recorded, the lender may refuse the payment and continue on with the foreclosure sale.

The property should be sold to the highest bidder at an auction to be conducted in front of the county courthouse where the property is located. The sale may be postponed as long as a written request is made for the postponement.

Deficiency suits are not allowed but the borrower has rights of redemption in Alaska.