If you are facing, or worried about, foreclosure in Alaska, learn about Alaska foreclosure laws and procedures so you know what to expect. For example, make sure you know about required foreclosure notices in Alaska, whether you can reinstate your mortgage before or redeem your home after an Alaska foreclosure sale, when you have to leave your home, and more.
Below you’ll find a summary of some of the key features of Alaska foreclosure law along with citations to the statutes so you can read the law yourself.
The citations to Alaska's foreclosure statutes are: Alaska Statutes Sections 34.20.070 to 34.20.100.
We’ve summarized important parts of Alaska’s foreclosure laws below. You can find more detailed articles on various aspects of Alaska foreclosure law in Nolo’s Alaska Foreclosure Law Center.
In Alaska, most foreclosures are nonjudicial. This means they happen outside of court (as opposed to judicial foreclosures, which go through the court system) and a third-party (a trustee) manages the process. (Learn more about nonjudicial foreclosures.)
To start a foreclosure in Alaska, the trustee must record a notice of default in the appropriate recording district not less than 30 days after default and not less than 90 days before the sale. Then, the trustee must:
In addition, the trustee must:
Alaska law extends the legal protections provided under the Servicemembers Civil Relief Act 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. (Learn more about the Servicemembers Civil Relief Act.)
“Reinstating” is when you catch up on the missed payments (plus fees and costs) in order to stop a foreclosure. (Learn more about reinstatement to avoid foreclosure.)
Under Alaska law, you can reinstate the loan at any time before the sale date. However, if the trustee filed two or more prior notices of default and you reinstated each time, the trustee can refuse to accept a subsequent reinstatement.
In some states, you can redeem (repurchase) your home within a certain period of time after the foreclosure. In Alaska, you cannot redeem after a nonjudicial foreclosure unless the deed of trust that you signed when you took out the loan specifically provides a right of redemption. Alaska Stat. § 34.20.090. (To get details on redemption after a foreclosure in Alaska, see Nolo’s article If I lose my home to foreclosure in Alaska, can I get it back?)
When the total mortgage debt exceeds the foreclosure sale price, the difference is called a “deficiency.” Some states allow the lender to seek a personal judgment (called a “deficiency judgment”) against the borrower for this amount, while other states prohibit deficiency judgments with what are called anti-deficiency laws.
In Alaska, deficiency judgments are not allowed following nonjudicial foreclosures. Alaska Stat. § 34.20.100. (For a summary of the deficiency law in Alaska, see Alaska Laws on Post-Foreclosure Deficiency.)
After an Alaska foreclosure sale, the purchaser must give you a notice to quit (vacate) before starting eviction proceedings. Alaska Stat. § 09.45.630.