What is Foreclosure in Barrow, Alaska?

Barrow Foreclosure Lawyers, AK

Find the Right Lawyer Now

Foreclosure is the legal procedure 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 Barrow, 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 gather 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 done 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 borrower owes, the bank cannot go after the debtor for the remainder. You should consult with an lawyer in Barrow, 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 dismiss the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this may seem, you should stay in contact with your creditor, and be straightforward with them. You should keep in mind that banks normally don't want to take your Barrow home. They aren't in the real estate business, and expect to make money through interest on the loan, not by selling your house. If you are up-front with them early on, they will probably make a reasonable effort to accommodate your financial system if it will prevent you from defaulting.

If you believe that foreclosure is imminent, there are some other avenues. For example, you may be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can receive, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. A "short refinance" may also be an option in some cases. This allows you to have some part of the debt forgiven, while refinancing the rest.

Find a Barrow Lawyer that Specializes in Your Area of Need:

How Can A Barrow, Alaska Attorney Help?

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

3 Bankruptcy, Banking and Credit cases posted to LegalMatch lawyers in Barrow

Foreclosure Attorneys in the Largest AK Cities

Show Alaska Cities

Foreclosure Lawyers in Other Alaska Cities and Towns


Find the Right Lawyer Now

Top Rated Lawyers

View attorney profiles and see how other LegalMatch users rate attorneys that may respond to your case.

Family Law Lawyer
LegalMatch Family Law Lawyer Dino L.

Dino L.

SAN DIEGO, CA

Family Law

Rating (14 users) *****
See Reviews
Employment and Labor Law Lawyer
LegalMatch Employment and Labor Law Lawyer Tom M.

Tom M.

Los Angeles West, CA

Employment and Labor Law

Rating (12 users) ****
See Reviews
Wills, Trusts and Estates Lawyer
LegalMatch Wills, Trusts and Estates Lawyer Christopher R.

Christopher R.

Los Angeles West, CA

Wills, Trusts and Estates

Rating (27 users) *****
See Reviews
Business - Transactional Lawyer
LegalMatch Business - Transactional Lawyer Julian C.

Julian C.

Los Angeles West, CA

Business - Transactional

Rating (15 users) *****
See Reviews

Need a Bankruptcy Lawyer?

No obligation - Lawyers compete for your case. Choose your issue & get started now: