Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
(2) establish terms and conditions for loan guarantees and refinancing agreements subject to the requirements of Alaska Stat. § 44.88.500 – 44.88.599;(3) make and execute contracts and other instruments to implement Alaska Stat. § 44.88.500 – 44.88.599;(4) charge reasonable fees that the authority may establish by regulation for the service it provides under Alaska Stat. § 44.88.500 – 44.88.599;(5) acquire real or personal property by purchase, transfer, or foreclosure when the acquisition is necessary to protect the authority’s interest in a loan or a loan guarantee;(6) exercise any other power necessary to implement Alaska Stat. § 44.88.500 – 44.88.599; and(7) to the extent the authority considers it to be in its best interest to do so, use money to pay expenses relating to the liquidation of collateral securing loans guaranteed by the authority.
