Summary of Alaska's Foreclosure Laws

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If you are facing foreclosure in Alaska, it’s important to understand some of the basics, including:

  • the most common type of foreclosure procedure (judicial v. nonjudicial) used in Alaska
  • how much time you have to respond
  • your rights and protections in the process, and
  • what happens afterwards (for example, whether you’ll be liable for a deficiency judgment).

 Below we have outlined some of the most important features of Alaska foreclosure law. Keep in mind that this is just a summary; we’ve included statute citations so you can get more details from the laws themselves. And be sure to check out Nolo’s extensive Foreclosure section, where you can find information about all aspects of foreclosure, definitions of foreclosure terms (like redemption and reinstatement), and options to avoid foreclosure.

Topic

State Rule

Most common type of foreclosure process

Nonjudicial under a power of sale in a deed of trust

Time to respond

Notice of default and sale must be recorded not less than 30 days after default and not less than 90 days before sale and sent by certified mail to homeowner within 10 days after recording.

Reinstatement of loan before sale

Available any time before sale, but lender can refuse to reinstate if it filed two or more prior notices of default and the homeowner cured the defaults.

Redemption after sale

Not available after a nonjudicial foreclosure, unless the deed of trust specifically provides a right of redemption.

Special protections for foreclosures involving high-cost mortgages

None

Special state protections for service members

Servicemembers Civil Relief Act protections extended to members of the Alaska National Guard and Alaska Naval Militia while on active duty for the state by order of the governor. Alaska Stat. § 26.05.135

Deficiency judgments

Not allowed after a nonjudicial foreclosure

Cash exempted in bankruptcy

$1,890 for one person, $2,970 for sole wage earner under state exemptions. About $12,725 for one person, $25,450 for a married couple under federal bankruptcy exemptions. (A 9th Circuit Court of Appeal opinion ruled that Alaska residents can choose the federal bankruptcy exemptions.)

Notice to leave after house is sold

New owner must give former owner a notice to quit (leave); new owner may bring special civil lawsuit to gain possession. Alaska Stat. § 09.45.630

Foreclosure statutes

Alaska Stat. § 34.20.070 et seq.

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