Arkansas Purchase Real Foreclosure
Description
How to fill out Arkansas Contract For Sale And Purchase Of Real Estate With No Broker For Residential Home Sale Agreement?
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FAQ
120 days after your missed payment, the bank can begin the formal foreclosure process. There are two types of foreclosure in Arkansas: judicial and non-judicial.
Once officially started, a foreclosure in Arkansas usually takes only a few months to complete. Fortunately, most homeowners in Arkansas, and all other states, are entitled to a 120-day preforeclosure period under federal law before the lender can start the process.
If it was through a judicial foreclosure, however, there is a right of redemption period. The home sold through a judicial foreclosure sale can be redeemed by the homeowner within 12 months after the sale.
The Foreclosure Sale The lender can bid up to the total amount owed, including fees and costs, or it may bid less. In some states, including Arkansas, when the lender is the high bidder at the sale but bids less than the total debt, it can get a deficiency judgment against the borrower (see below).
The method will most likely be nonjudicial, although judicial foreclosures are also allowed. Arkansas law specifies how nonjudicial procedures work, and both federal and state laws give you rights and protections throughout the foreclosure.