Arkansas Foreclosure Laws

The lenders that initiate foreclosure proceedings for property located in the state of Arkansas may use both Judicial and Non-Judicial foreclosure. As is standard in most states the government of the state of Arkansas recognizes the Geed of Trust and the traditional Mortgage as the primary security instruments that are used and recognized in the state.

Foreclosure proceedings in the state are a little longer than they are in most states taking an average of approximately 120 days or four months to complete from start to finish.

The right of the individual to repurchase property that has been foreclosed upon, called the Right of Redemption varies on a basis which is looked at individually. This is also true with the Deficiency Judgment clause. This is the legal remedy where the lender can actually hold the person that was foreclosed upon liable to pay the difference between what they owed on the original loan and how much the property was actually sold for at the foreclosure sale.

As in most stets there is a power of sale foreclosure, which details fairly straightforwardly the procedure on how a sale will take place on the property. This will detail the terms of the sale, the time and the place of the sale and the outlined procedure must be followed as written. However if the terms of the sale are not outlined then there are specific methods, which must be followed.

These involve posting notices in the local recorders office and local papers and notice of intent to sell be mailed within 30 days of that posting.

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