Options When Faced With a Foreclosure
As a citizen in Alaska, you have certain rights and responsibilities in a foreclosure. You may be wondering: can I keep my house? Can I pay back my loan? Here are a few points to consider when encountering the non-judicial foreclosure process:
Can I Reinstate the Loan?
In a nonjudicial foreclosure, Alaska law permits you to reinstate (get current on) a defaulted loan at any time before the sale date. But if you previously reinstated a defaulted loan two or more times, the trustee can refuse to accept another reinstatement.
Can I Get My Home Back After the Sale?
Some states have passed a law that allows you to get your home back after a foreclosure sale by reimbursing the new owner for the full amount paid. This process is known as "redeeming" the property. In a non-judicial foreclosure in Alaska, however, you don’t get the opportunity to redeem the home following the sale unless the deed of trust (the contract) specifically gives the borrower the right of redemption. Most deeds of trust in Alaska don’t provide this right.
Can I Seek Outside Help?
Absolutely. Use the resources at your disposal. At the Law Office of Justin S. Eppler, LLC, we work with community members faced with the prospect of foreclosure to help ensure their stories are heard and their rights upheld.
Hiring a Foreclosures Attorney
It’s a good idea to reach out as soon as you know you need help. By contacting a trusted law firm, you are placing knowledge and experience in your corner. The sooner you reach out, the sooner our team at the Law Office of Justin S. Eppler can gather our resources to best serve the needs of your unique situation.