Alaska Foreclosure Laws

Like a good many other states in the United States of America, the foreclosure system in place in the state of Alaska allows for both Judicial foreclosure and Non-Judicial foreclosure. The types of instruments that may be foreclosed upon include the traditional Mortgage and the Deed Of Trust. A foreclosure in the state of Alaska typically takes approximately 90 days to complete though it can happen somewhat quicker or may take a little longer this is an average.

The Right of Redemption and the Deficiency Judgments vary based on the process that the foreclosure takes. For those that are not aware, the Right of Redemption gives the foreclosed party the right to repurchase property after the proceedings and the Deficiency Judgment states whether the foreclosed party is liable for the amount of the loan debt that is not covered by the foreclosure sale.

Also, as In the other states in the union, the lenders that are foreclosing property in the state of Alaska may foreclose on deeds of trusts or mortgages in default using either a non-judicial or judicial foreclosure process and this is looked at on a case by case basis and is not strictly done the same in each one.

The power of Sale on a foreclosure pertains to the Deed Of Trust and states the time, place and the actual terms of the sale. These terms must be followed as long as they are legal and meet the minimum requirements of the protection laws as they have been set forth by the state of Alaska.

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