What is Foreclosure in Anchorage, Alaska?

Anchorage Foreclosure Lawyers, AK

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Foreclosure is the legal process by which the lender in a mortgage arrangement takes possession of the property (normally a house) that secured the loan. This is done when the Anchorage, Alaska debtor has repeatedly failed to make their payments. Foreclosure normally requires the house to be sold at an auction. Normally, banks want to rid themselves of the property as soon as they can, in order to collect as much money as possible.

In all states in the United States, including Alaska, foreclosure by judicial sale is an option. This allows the sale to be conducted under the supervision of a court, to ensure that the bank makes a good faith effort to get a fair price, and that the proceeds above and beyond the balance of the mortgage (if there are any) go back to the debtor. In many states, original mortgages are considered non-recourse loans, meaning that if the house is foreclosed and sold for less than the debtor owes, the bank cannot go after the debtor for the remainder. You should consult with an attorney in Anchorage, Alaska to see if this is the case. However, this normally doesn't apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Alaska?

First and foremost, you should not ignore the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this might seem, you should stay in contact with your creditor, and be straightforward with them. One should remember that banks typically don't want to take your house in Anchorage. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are straightforward with them about your financial situation, they are likely to make reasonable accommodations to prevent you from defaulting.

If no deal can be worked out, or the mortgage payments have become prohibitive, you might consider a "short sale". While the lender has to consent to it, many will take a moderate loss if it means avoiding foreclosure (which lenders typically treat as a last resort). This allows you to sell the house for whatever price it can fetch on the current market, and hand the proceeds over to the bank. If the sale nets less than the balance, some or all of the deficiency might be forgiven. You might also try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a relatively small loss, and allows the homeowner to keep their home.

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How Can A Anchorage, Alaska Attorney Help?

If you are facing the possibility of foreclosure, a good Anchorage, Alaska real estate attorney can help. At the very least, they will be able to inform you of your legal options.

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Life in Anchorage

Anchorage has been voted an "All America City" four times and makes up over 40% of Alaska's total population. The city motto is "Big Wild Life" and there's plenty of it. A survey found roughly 300 black bears and moose, along side 60 grizzly bears call Anchorage home year round. The numbers of moose increase over 1,000 in the winter months. There are also wolves, foxes, beavers, and all other manner of moderate and small native animals that can be easily spotted in Anchorage. That's why so many people decide to visit Anchorage each year. 

Tourism play a major role in the economy with natural resource extraction, local and federal government, transportation services, and the military. There are two major military installations in Anchorage, Elmendorf Air Force Base and Fort Richardson, as well as the Kullis Air National Guard Base. In addition to military personnel, the military employs another 8,600 Anchorage civilians. There are a number of airlines headquartered in Anchorage like Alaska Central Express and Hageland Aviation Services but the petroleum industry is one of the most important. Giants like BP and ConocoPhillips have drilling and transportation services in Anchorage that employ thousands of locals.

The International Ice Carving Competition is one aspect to the annual of the Fur Rendezvous Festival held in Anchorage's Alaska Center for the Performing Arts. The festival had a record attendance in 2000 with over 250,000 people visiting. The legendary 9-15 day long Iditarod Trail Sled Dog Race begins ceremonially each year downtown on 4th Street and ends in Nome, Alaska. The race stretches 1,049 miles that are timed. It's known as one of the most intense sporting events due to the distance and blizzards.

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