Alaska Foreclosure Listings: Important Vocabulary You Need To Know

Posted by Dan Wolf on Monday, March 17th, 2014 at 7:59am.

For anyone who is considering purchasing an Alaska foreclosure listing, it is important to know specific terms that will help you purchase an Alaska foreclosed home. The more educated you are on foreclosed listings, the better off you are at deciding whether to place a bid on a home or not.

Alaska Foreclosure Listings: Important Vocabulary You Need To Know

#1 Continuance is when a sale can be extended at the direct request of the lender's lawyer or a public trust office. While there are a variety of reasons a continuance may take place, the sale can only be extended for up to 12 months. In other words, if a continuance is filed, you may have to wait an entire year before you are allowed to purchase the home. Although you may be able to obtain the house for an extremely low price, the Alaska foreclosure listing might end up staying up during the duration of the time.

#2 Cure is when the current owner of the home brings in a loan payment, on top of current fees and costs, before the sale of the property. There is a set period of time for which the owner is able to do this. Even if a bid has been placed on the house, the foreclosure sale can be discontinued if the owner provides the money prior to all the paperwork being signed.

#3 Intent to Cure is when the owner of the property files a document known as "Notice of Intent to Cure." This notice is filed with the public trustee and points towards their desire to provide the necessary loan payment and fees. If you are looking at purchasing a foreclosed home, you are given the opportunity to learn more about the intent to cure before providing the payment. If you are still interested in purchasing the home, it is recommended to put a large down payment on the house in order to prove your ability to pay the home off without an issue. If the bank does not believe the current owner (or former owner) is able to pay the loan back after the provided cure and they see you have a substantial amount of money you can put down, the bank is more likely to side with you.

#4 Motion to Set Aside Sale is a legal court order where the sale of the foreclosed home is set aside. Although there are a variety of reasons why this might happen, it is best to look somewhere else if a court order is issued on the home. Unless your real estate agent says otherwise, there is a good chance this could delay the sale of the property indefinitely, and you really have no idea how long this process might take. If there are no other properties on the market, you can hold onto a mortgage offer, but it is wise to remove your offer and go with a different house, should this motion be in place and you see something you like elsewhere. You don't want to end up losing both houses.

#5 Notice of Election and Demand (NED) is the first document produced by the Clerk in the given county that points to a property that is going through a foreclosure. This starts the foreclosure process as the bank attempts to take the property back over from the owner in an effort to sell it.

#6 Real Estate Owned (REO) is when the foreclosed property has been completed through the Public Trustee, and a real estate agent has taken control of the deed. This helps the bank sell the property to a homebuyer. A REO property is often known as a bank-owned property.

There are many different terms and phrases that are important for you to know and learn before going into any sort of foreclosure property. These properties can be incredibly valuable, but also tricky, as there is additional paperwork that is required. Along with additional paperwork, the bank has the right to take the home back if the former owner shows proof of paying back their loan.

These are just a few vocabulary terms you need to know about Alaska foreclosure listings. Contact us today or use our reliable, reputable and safe website to search for a home now.

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