You’re not alone…
Every year, there are over 300 Notices of Default filed in the Anchorage Bowl alone, and the number is swiftly on the rise. Most of them are good people who went through a difficult time in their lives, and their missed payments just got out of hand.
Faced with an amount 7-8 times their monthly payment to reinstate the loan, many find themselves being denied credit for additional funds. With predatory investors nipping at their heels, in the midst of the confusion they’ll do the worse thing they could possibly do… NOTHING.
Don’t let this happen to you. The information in this brochure may be the solution you’re looking for. As you review it, keep in mind that whether you decide to stay in your home or sell it, time is not on your side. The time to act is NOW.
The Foreclosure Process
How much time do you have?
Overview of the Trust Deed
In Alaska, real estate loans are secured by an instrument known as a Trust Deed. This is the document that is recorded in the public records and outlines the steps that will be taken when your loan is in default. There are 3 parties to every Trust Deed… the Trustor (You), the Beneficiary (your Lender), and the Trustee (usually a Title Company). You are, in effect, trusting the title company to only give your deed to the lender if they go through the proper steps in the process.
Notice of Default
In Alaska, the official foreclosure process begins with the filing of a Notice of Default (NOD). The lender must wait a minimum of 30 days from the time you missed a payment to have the Trustee file this notice. Most lenders will typically wait 3-4 months before filing, in the hope that you will bring your loan current.
Trustee’s Sale
Once a Notice of Default has been filed, the Trustee must wait a minimum of 90 days to sell your home at auction. During this period, you may reinstate your loan by making up the back payments as well as any costs the lender has incurred. If your loan is not brought current, the Trustee will sell your home at auction to the highest bidder. Sales take place at 825 W. 4th Ave on Tuesdays and Thursdays, and are literally performed on the courthouse steps. Once your sale is announced by name, buyers will bid on your home by live outcry.
If you Plan to Sell…
Maximizing your Equity
Defer your Sale Date
The biggest enemy you face in trying to sell your home right now is time. I have been successful in working with most lenders to gain some additional breathing room so you can get top dollar for your home.
Determine Price
Based on the condition of your home, its location, and its other physical features, I’ll help you determine the fair market value of your home for listing.
Coordinate with your Lender
In addition to the principal balance of your loan, you will also have accrued back payments, late charges, attorney’s fees, and other costs associated with the foreclosure process. All these fees will need to be paid off as part of your sale. I will work with your lender to ensure that your payoff is fair and accurate.
Get your Home Sold
I will market your home non-stop until a qualified Buyer is found.
Handle the Details
I will handle all the details of selling your home, including paperwork, protecting you from repairs and expenses you don’t have the money to pay for, and handing you your proceeds check at recording.
Assist you in Moving
Please call me for more information.
If you Plan to Stay…
Helping you Succeed
Order a Reinstatement Quote
A reinstatement quote shows you exactly what you owe in addition to the principal balance of your loan, including back payments, late charges, attorney’s fees, and other costs associated with the foreclosure process. This information is critical to determining what kind of workout agreement your lender will accept.
Propose a Workout Agreement
If this is the first time you’ve been in default, most lenders are willing to work with their borrowers to create a plan for repayment. However, if you are not experienced, the structure of the workout can end up being very one-sided in favor of the lender.
Get it in Writing
You’d be surprised how many people “trust” their lender to follow the terms of the agreement instead of getting it in writing and getting a termination recorded.
Call or Email
If you plan to stay in your home, I do not charge for assisting you with the above process. My goal is to help people who will use my services in the future and/or refer me to others.
907-727-7653
Mark@727Sold.com
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