Before we move onto the different types of foreclosure’s and what the state laws in Alaska regarding foreclosure are like, let us first address the question of what exactly a foreclosure is.
Effectively, foreclosure is the legal process where a debtor who has failed to make payments to the creditor is forcibly made to move out of their home and the creditor sells the home in a kind of public auction which is generally held at the courthouse.
Important Facts about Alaska Foreclosure Laws
- Are judicial foreclosures available in Alaska? Yes they are!
- Are non-judicial foreclosures available in Alaska? Yes they are!
- What is the primary security instrument as per Alaskan state foreclosure laws? The deed of trust, the mortgage.
- How long does the process of foreclosure generally take? Varies from one case to the other, 90 days on average.
- Will you have the right of redemption in an Alaskan foreclosure case as the debtor? It depends from one case to the other; you may or may not.
- Are deficiency judgments allowed in Alaska? Once again, it varies from one foreclosure case to the next, it may be allowed in one and not in the other, depends on the specifics of the case in hand.
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As you may have gathered from the quick facts section above, both judicial foreclosures and non-judicial foreclosures are recognized and allowed as per the Alaskan state laws. So what is a judicial foreclosure?
In the judicial process of foreclosure, when a debtor has failed to make payments to his or her creditors then the creditor cannot simply put up the debtor’s home for sale in order to make up for the losses. They will first be required as a mandate to file a case and receive all necessary approvals from the court. This is essentially a court order before they can proceed and put up the home of the debtor for sale.
When it comes to judicial foreclosure, the process will be executed in accordance with the rules of equity, there is no right of redemption, deficiency suits are allowed, and generally the property is sold to the highest bidder which could be someone you do not care for but that is another topic.
A non-judicial foreclosure is followed or permissible when the contract or agreement between the creditor and debtor has a clause known as the “power of sale” wherein the debtor has agreed that in case of non-payment, the creditor can go ahead and sell their home without a court order.
There is separate power of sale foreclosure guidelines for such processes.
Stellar Legal Help at the Top of North America
If you happen to find yourself unable to pay your creditor and want to avoid foreclosure and losing your home, then you are the right place. USAttorneys.com is where you can connect with the leading Alaska foreclosure lawyers in your part of the country.
To get started you can use the interactive map on our site for a list of legal counselors well experienced in foreclosure laws in The Last Frontier state. This virtual map is up above. Legal help is right around the digital corner!
You could also use the local lawyers’ directory search on the front page of our site to see a list of legal pros depending on where you are at. You only need one. If you want call up more than one, that is fine too.
Our representatives will also be happy to answer your questions via a live chat if you have any – we will get your number and call you back shortly. You can also send us your information via the online contact form and we will use that information to call you back as well. Perhaps that same day, even on the weekends.
We know this situation is dire. We know how vital your home is to you. We want to help you keep your home and come out of this situation with still some meat on the bone. Let’s make this happen today! The other side is already shooting at you, let’s deal with this situation in a legal and moral manner and get the other side to stop its legal assault.