Finance
Under Alaska law, foreclosure of a mortgage may occur through which process?
AOnly through court-supervised judicial foreclosure
BOnly through non-judicial (trustee's sale) foreclosure
CBoth judicial and non-judicial foreclosure are available, depending on the security instrument used✓ Correct
DOnly through the Alaska Department of Commerce
Explanation
Alaska allows both judicial foreclosure (through court proceedings) and non-judicial foreclosure (trustee's sale under a deed of trust with a power of sale clause). The method depends on the type of security instrument used and whether the parties prefer court involvement.
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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