The loan documents determine how a property may be foreclosed in Alaska.
In the absence of a power of sale clause, a lender must sue a borrower in court in order to obtain a foreclosure.
Most foreclosures, however, take place outside of the court system because most loans contain a power of sale clause that permits lenders to foreclose on properties if a loan is not being paid. The terms of this non judicial foreclosure process are set by the loan document. However, some loan documents do not set specific terms and in those cases, state law determines the specifics of the non judicial foreclosure process.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure attorney to discuss your specific legal situation.
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