1. A copy of the RECORDED Deed of Trust
2. A copy of the Note
3. A copy of the RECORDED Assignments, if applicable
4. Breakdown of the Arrearages, i.e. date the delinquency started, monthly payments, monthly late charges, and any other costs that may have been paid, i.e. taxes, insurance, property inspections, etc.

Alaska has a non-judicial foreclosure system by a trustee under a deed of trust. Because of a decision of the Alaska Supreme Court, some doubt has been cast upon Alaska non-judicial foreclosures. If the client wishes the greater security of judicial foreclosure, that may be pursued. Regardless, of this doubt, most foreclosures in Alaska are still non-judicial. Generally, a mortgage, as opposed to a deed of trust, must be judicially foreclosed.

If the mortgage loan has been in default for thirty days, the foreclosure is initiated by recording and mailing a Notice of Default. The mailing is by certified mail to the persons who have a record interest in the property as revealed by a foreclosure certificate issued by a title company.

In addition to this Notice of Default, a Sale Notice must be published and posted before the actual sale. The posting is in three public places within five miles of the place of sale (one must be a post office) at least thirty days before sale. The publication is once a week for four weeks before the sale. As a precautionary measure, this office also mails a copy of the Sale Notice to the parties in interest. Of course, separate notice is given to the IRS. Unless the deed of trust specifies a different place, the place of sale must be held on the front steps of the local superior court.

The sale may be continued almost indefinitely. This office does not recommend more than three continuances, or more than a total of six months. In Alaska deficiency bids at trustee foreclosure sale cannot be enforced.

At any time up to the sale, the default may be "cured" by the tendering of the delinquent payments, plus all costs of the sale. An exception to this is if there have been two previous "cures". In that circumstance, a Cure may be refused.

Immediately after the sale a trustee's deed and an affidavit are recorded. Unless there are redemption rights in the deed of trust, there are no redemption rights in Alaska. The only exception would be IRS, which is given a 120 redemption period by Federal law.

After the recording of the trustee's deed and the affidavit, the successful bidder is entitled to possession of the property. Obviously, if possession is not voluntarily given, an eviction suit will be necessary.

Foreclosure
General Time Frame 110 days
Post – Sale Redemption None
Postponement Allowed Yes
FNMA Fee $1,200
FHLMC Fee $1,000
FHA Fee $1,250
VA Fees Adjusted Accordingly
------------------------------------------
Important Notice
Kleinsmith & Associates, P.C. operates within Fannie Mae fee schedules and timelines and will provide the same coverage as a “FNMA Network Certified” law firm. Should any loss or damage occur as a result of a mistake by our firm during the foreclosure process, which we cannot rectify, Kleinsmith & Associates, P.C. will indemnify the servicer against any loss or damage.