Alaska Redemption Law

Redemption is a process used by some states to allow a homeowner to redeem or “get back” his or her property after a foreclosure.  In most situations the homeowner must pay the entire amount of the sales price to redeem the property.  Depending on how much is owed on the property at the time of the foreclosure, redemption can be very cost prohibitive.  

Alaska has the following rules regarding redemption of property:

There is no right to redeem the property after a foreclosure if the sale was conducted as a non-judicial foreclosure.  Alaska Stat. § 34.20.090.  Subsection (a) of this Code section states:

“The sale and conveyance transfers all title and interest that the party executing the deed of trust had in the property sold at the time of its execution, together with all title and interest that party may have acquired before the sale, and the party executing the deed of trust or the heirs or assigns of that party have no right or privilege to redeem the property, unless the deed of trust so declares.”

Please keep in mind that this is the general redemption rule in Alaska and states can have different rules for different types of foreclosures (i.e. tax sales, home-equity loans, etc.).  If you believe you have the funds to redeem your property, you should speak to an attorney licensed in your state as soon as possible to ensure that 1) you have the ability to redeem the property given your particular circumstances; 2) are still within the allowable time frame for a redemption; and 3) that you have correctly calculated the amount necessary to redeem the property.

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