AK HB317

Mortgage businesses must record an affidavit with the recorder's office before initiating foreclosure proceedings on residential properties, stating they made reasonable efforts to allow borrowers to prove payment and offered a reasonable payment plan with in-person meeting.

Borrowers must have failed to satisfy mortgage obligations and either refused the reasonable payment plan or materially failed to comply with an agreed payment plan for foreclosure to proceed.

Mortgage licensees must comply with foreclosure requirements under AS 09.45.175 and AS 34.20.070(o).

Trustees or trustee agents may not sell real property under foreclosure unless the affidavit requirements of AS 09.45.175(b) have been satisfied before the sale.

The act applies only to residential mortgage loans entered into on or after the effective date; does not apply when federal law preempts or conflicts with these provisions.