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Arkansas Foreclosure Laws

Judicial Yes
Non-Judicial Yes
Process Period 70 Days
Sale Publication 30 Days
Redemption Period 365 Days
Sale / NTS Trustee

Judicial Foreclosures: Both judicial and non-judicial foreclosures are used in Arkansas. The lender needs to have an appraisal done on the property before the scheduled foreclosure sale. In judicial foreclosures the court will decide the amount in default, and allows the borrower time to pay the full amount. If this is not accomplished there is a sale of the property. In court decisions the borrower has up to a year to redeem there property, granted they pay the purchase price plus interest.

Non-Judicial Foreclosures: Lenders are able to foreclose on a property with out going through the court if there is a power-of-sale clause in the mortgage. The lender must file a notice of default with the county recorder. The process can be stopped if the borrower pay of the amount owed anytime before the foreclosure sale. Following the sale the borrower has no right to redeem the property.

Sale: In an out-of-court foreclosure the notice of default filed by the lender serves as the notice of sale. It must contain all of the following information: time, location, and description of property. Within 30 days of the document being filed a copy must be sent to the borrower. The notice should also be published in a local newspaper for four consecutive weeks, with a final notice being published a least 10 day before the sale.

Additional Information on Arkansas Foreclosure