In Alaska, lenders have two options to foreclose on a property in default: judicial foreclosure and non-judicial foreclosure. For judicial foreclosure, a lawsuit is filed and the property is auctioned after a court declares foreclosure, with deficiency judgments allowed. For non-judicial foreclosure using a power of sale clause, the trustee must provide notice and the borrower can cure until auction, after which the borrower can redeem the property but deficiency suits are not permitted. Both options follow specified legal procedures that typically take around 90 days to complete.

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Alaska Foreclosure Law Summary
WHAT IS A SHORT SALE
Quick Facts
WHY USE SHORT SALE US
- Judicial Foreclosure Available: Yes
SUCCESS STORIES
- Non-Judicial Foreclosure Available: Yes
WHO QUALIFIES FOR A SHORT SALE
- Primary Security Instruments: Deed of Trust, Mortgage
FAQs
- Timeline: Varies by Process; Typically 90 days
SHORT SALE NEWS
- Right of Redemption: Varies by Process
VALUE YOUR HOME
- Deficiency Judgments Allowed: Varies by Process
STATE FORCLOSURE LAWS
In Alaska, lenders may foreclose on deeds of trusts or mortgages in default
CONTACT US using either a judicial or non-judicial foreclosure process.
HIRE US Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit to obtain a
court order to foreclose, has been instituted more since the late 1980's, when
lenders found that they were foreclosing on residential property worth
substantially less than the amount owed. Generally, after the court declares a
foreclosure, your home will be auctioned off to the highest bidder.
In the case of judicial foreclosure, the process is carried out according to the
rules of equity, deficiency suits are permitted and the borrower has no rights of
redemption.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause
exists in a mortgage or deed of trust. A "power of sale" clause is the clause in
a deed of trust or mortgage, in which the borrower pre-authorizes the sale of
property to pay off the balance on a loan in the event of the their default. In
deeds of trust or mortgages where a power of sale exists, the power given to
the lender to sell the property may be executed by the lender or their
representative, typically referred to as the trustee. Regulations for this type of
foreclosure process are outlined below in the "Power of Sale Foreclosure
Guidelines".
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies
the time, place and terms of sale, then the specified procedure must be
followed, provided it meets the minimum protection laws set forth by the State
of Alaska. Otherwise, the non-judicial power of sale foreclosure is carried out
in the following three phases:

2. The trustee must record a notice of default in the office of the recorder of the
recording district in which the property is located not less than thirty (30) days
after the default and not less than three (3) months before the sale.
Said notice of default must state the name of the borrower, the book and page
where the deed is recorded and it must describe the property, the borrower’s
default, the amount the borrower owes, and the trustee’s desire to sell. It must
also state the date, time and place of the sale.
Within ten (10) days after recording the notice of default, the trustee must mail
a copy of the same by certified mail to the last know 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 of trustee and (3) any occupant. The trustee
may have the notice delivered personally instead of sending it by certified
mail.
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 attorney’s 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
attorney’s 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 borrower’s monies for the missed payments and attorney’s fees and
proceed with the foreclosure sale instead.
The sale must be made at a public auction held at the front door of a
courthouse of the superior court in the judicial district where the property is
located. The trustee must sell to the highest and best bidder and the lender
may bid at auction.
The trustee may postpone sale of all or any portion of the property by
delivering to the person conducting the sale a written and signed request for
the postponement to a stated date and hour. The person conducting the sale
shall publicly announce the postponement to the stated date and hour at the
time and place originally fixed for the sale. This procedure shall be followed in
any succeeding postponement.
When this type of foreclosure process is used, the borrower has a right to
redeem the property and deficiency suits are not allowed.
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