Anchorage Alaska Foreclosure Help, Defense, Laws and Process

 


Owning a home in Anchorage, Alaska is both scenic and wonderful. Anchorage is the largest city in Alaska boasting of an international airport. Home ownership is one of the greatest choices a person can make. Through mortgage help, this can now be a reality for many Alaskans. But with the current credit crunch, foreclosures have been on the rise. If you find yourself facing foreclosure, do not panic. There is government assistance made available to you through the HUD-approved housing counselor in your area. It is important to get in touch with HUD counselors in order to be aware of your rights as a home owner. These counselors also provide you with ways you can prioritize your spending in order to meet the payment of your loans. What’s more, they can help you reinstate the loan.

Therefore, getting in touch with government help agencies is crucial if you want to save your home. When facing foreclosure, it is critical that you contact your lender as soon as you realize you may not honor the contract agreement. Do not try to procrastinate because the longer you hold off the worse the situation gets and the harder it becomes for you to reinstate that loan. At this early stage loan modification can be done. Your lender may re-negotiate the payment terms of the contract and help you save your home.

Stop Foreclosure in Anchorage, Alaska

There are many things that can change a person’s financial position. It may be job loss, untimely death, divorce, rise in mortgage interest rates etc. You need to contact your foreclosure avoidance counselor as soon as possible. The following tips will stop foreclosure in Anchorage, Alaska:

  • Avoid foreclosure prevention companies. They may be too expensive due to the hefty fees they charge for their services.
  • Do not ignore the problem at hand. As soon as you realize you are undergoing financial difficulty then contact your lender.
  • Respond to all notices sent to you. These notices may have foreclosure prevention tips.
  • If you’re not aware of your mortgage rights then educate yourself.
  • Contacting a HUD-approved housing Counselor will help you not only in the short run but also in the long run.
  • Prioritize your spending. Repayment of your loan should always be high on your priority list.
  • File for bankruptcy if you can. This will help you buy time to find you the resources to pay the defaulted amount.
  • Liquidate your assets if the prove to be valuable enough to pay the default amount.

After facing foreclosure make a point to repair your credit.

Anchorage, Alaska Foreclosure Process

The judicial and non-judicial systems of foreclosures are acceptable in Anchorage, Alaska. The non-judicial foreclosure process takes a period of 3-4 months. The judicial foreclosure process allows the lender to file a lawsuit through his attorney in order to obtain a court order to foreclose. In non-judicial foreclosure the power of sale clause found within the document authorizes the lender to foreclose the properties in order to recover the bond. The following non-judicial foreclosure process takes place if time, place and terms of sale are not indicated:

  1. The lender records a notice of default and intent to sell.
  2. This notice is sent to the interested parties within 20days of its recording via certified mail.
  3. The borrower may cure the defaulted amount prior to the sale.
  4. If the borrower fails to cure the amount then the sale is held in a public auction at the courthouse.
  5. No deficiency judgments are permitted, and the borrower is given a specific time limit within which to redeem his property.