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The 26th Alaska State Legislature, 2009 - 2010 |
  
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Sponsor Statement: House Bill 108
Property Foreclosure/ Execution/ Trust Deeds
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“Relating to real property foreclosures, to the sale of property on execution, and to deeds of trust.”
Posted: February 5, 2009
Bill Version: SCS CSHB 108(JUD) AM S
Status: Chapter 62 SLA 10 : 2010-06-09
Alaska's statutes on non judicial foreclosure of real property are antiquated, ambiguous and
unclear, and therefore, prone to unnecessary litigation. House Bill 108 clarifies the present
statutory language, by simplifying and modernizing the foreclosure process. The suggested
changes benefit lenders, borrowers and title insurance companies by bringing clarity and
certainty to the foreclosure process.
HB 108 would improve many aspects of the foreclosure process as they appear in Title 34. Some of these changes are:
- Clarifies how proceeds from a foreclosure auction are to be disbursed
- Assures that foreclosure trustees are fiscally responsible by imposing reasonable bond
requirements
- Allows trustees to nullify sales when mistakes are made that negatively affect the integrity of the sale
- Sets up procedures to follow involving a deceased borrower
- Creates common-sense rules to govern times and methods for posting foreclosure properties
- Defines when one's rights are terminated in the foreclosure process
- Allows acceptance of foreclosure auction bids via email, internet, and telephone for greater accessibility
Passage of HB 108 will streamline and simplify the foreclosure language in Alaska statutes and
provide for a more open, accessible and fair auction process, benefiting borrowers, lenders, and
title insurers, as well as reducing unnecessary litigation.
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