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.
|Common type of foreclosure process||Nonjudicial: under a power of sale in a deed of trust|
|Time to respond||Not less than 30 days after default and not less than three months before sale|
|Reinstatement of loan before sale||Allowed any time before sale, but lender can refuse if this is third notice of default and sale|
|Redemption after sale||Nonjudicial: no right of redemption|
|Special protections for foreclosures involving high-cost mortgages||None|
|Special state protections for service members||Alaska Stat. § 26.05.135|
|Deficiency judgments||Not allowed in nonjudicial foreclosures|
|Cash exempted in bankruptcy||$1,750 for one person, $3,500 for a married couple|
|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|