Get Foreclosure Help in Alaska
Have you run into financial issues that have impacted your ability to pay your mortgage? This is an already stressful and overwhelming process that is made worse by how complex foreclosure proceedings are. With the right Alaska foreclosure help, you can navigate the scary and complicated process so that you can try to get your life back on track. This will take a look at the procedures and what you can expect if you are facing foreclosure in Alaska.
According to federal law, the servicer must wait until you have been late on your mortgage payments for 120 days before making the first notice or filing to begin the foreclosure process. Federal law does allow the homeowner some time to resolve the problem and recover financially or to find a way to avoid foreclosure.
For the most part, Alaska has a nonjudicial foreclosure process, meaning that a 3rd party known as a trustee will handle the process. There are some situations where the process goes through the courts, but this generally isn’t the normal approach for foreclosures. Generally, homeowners only know that this process has begun when they receive the notice in the mail.
The process officially begins when the trustee records the notice of default in the correct recording district. This will have to take place at least 30 days after the mortgage is declared in default but not less than 90 days before the house is sold. The trustee mails a copy of this notice to the borrower as well as other parties by certified mail. This mailing needs to take place within 10 days after the trustee recorded the notice. However, there are some cases where the trustee will personally deliver this notice to the borrower and other relevant parties within 20 days of recording it. If there is no one on the property when issuing the notice, they leave it on the property for the homeowner to see. Unfortunately, in a majority of cases there isn’t a chance for redemption if the property has been sold, unless the deed of trust gives this right to the borrower or the judge in a judicial case declares it.
It is also important to understand what a deficiency judgement is. This is where the bank sells your home but there is still a balance on the money owed. For instance, if the amount owed on the mortgage is $180,000 and the house is sold for $150,000, there is a deficiency of $30,000. Some states allow lenders to garnish wages and use other tactics to recoup this deficiency. Under Alaska law, this is prohibited if there is a nonjudicial foreclosure. However, if the lender goes through a judicial process for foreclosure, they can request a deficiency judgement.
To help you navigate through the complex laws, you need professional Alaska foreclosure help. These are experts that can walk you through the process and help you understand what options you have available to you. You can see if there’s a way to save your home or to minimize the impact that a foreclosure will have on your life when you work with a knowledgeable professional.