Buying a foreclosed home is an ideal way of investing in affordable property. Foreclosures are up considerably in Anchorage, which is one of the major housing markets in the state. If you’re considering buying a foreclosed home, here's what you need to know regarding Anchorage foreclosures.
How a Foreclosure Works
The process starts when a homeowner or borrower fails to make loan payments with the lender having to file a public notice of default. If the borrower still can’t make monthly loan payments, the lender can repossess the property, reselling it to recover the loan cost.
In Alaska, foreclosure sales are done at public auctions at the front doors of local courthouses. The homes are sold to the highest bidder, which may include the…