Alaska Foreclosure

The Alaska foreclosure page contains information useful for people facing the foreclosure process in Alaska. Alaska uses mostly the deed of trust as the security instrument and the non-judicial foreclosure process. However, in the recent past they've been using the judicial foreclosure more often because it allows them to get a deficiency judgment. The deficiency judgment allows lenders to go after borrower for more money when the home sold for a lot less than is owed.

If the deed of trust contains a power of sale clause stating the time, place and terms of sale, then that process is followed as stated in the power of sale clause. It must meet the minimum protection laws of the state.

If not, then the lender must use the non-judicial foreclosure process as follows:

1. Record a Notice of Default at the recording district of the property. It cannot be recorded until 30 days after the default and must allow at least 3 more months before the sale.


2. Within 10 days, it must send a copy of this notice to you, other lien holders and any occupants of the property. At any time before the sale, you can end this by making the back payments and attorney's fees.


3. The house will be sold at the courthouse steps to the highest bidder. You will have a right of redemption and there won't be any deficiency judgments.


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