Arkansas Notice of Default by Assignee to Obligor

State:
Multi-State
Control #:
US-01461BG
Format:
Word; 
Rich Text
Instant download

Description

An assignment is a transfer of rights that a party has under a contract to another person, called an assignee. The assigning party is called the assignor. An assignee of a contract may generally sue directly on the contract rather than suing in the name of the assignor. The obligor is the person responsible to make payments to the assignee.

How to fill out Notice Of Default By Assignee To Obligor?

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FAQ

A judgment lien on the debtor's property is typically created automatically in the Arkansas county where the judgment is recorded; otherwise, the creditor must record the judgment with the clerk of the circuit court in the Arkansas county where the debtor's property is located.

IF BILLS FOR LABOR, SERVICES, OR MATERIALS USED TO CONSTRUCT OR PROVIDE SERVICES FOR AN IMPROVEMENT TO REAL ESTATE ARE NOT PAID IN FULL, A CONSTRUCTION LIEN MAY BE PLACED AGAINST THE PROPERTY. THIS COULD RESULT IN THE LOSS, THROUGH FORECLOSURE PROCEEDINGS, OF ALL OR PART OF YOUR REAL ESTATE BEING IMPROVED.

18-44-114 Preliminary Notice If delivery of the mailed notice is refused by the addressee, then the person holding the claim shall immediately mail to the owner, owners, or agent a copy of the notice by first class mail and may proceed to file his lien.

(a) As used in this section: (1)(A) ?Clean-up lien? means a lien securing the cost of work undertaken by a town or city to remove, abate, or eliminate a condition in violation of local codes or ordinances.

Stop the foreclosure by paying off the overdue payments and bring the loan current. pay off the loan to prevent a sale. file for bankruptcy, and. get any excess money after a foreclosure sale.

Arkansas allows for a period of redemption in certain circumstances. If the property was foreclosed through the judicial foreclosure procedures then the borrower has one year to redeem the property. However, if the property was foreclosed in a non judicial foreclosure then there is no borrower right of redemption.

In some states, the mortgage lender must go through the court to foreclose. This is referred to as ?judicial? foreclosure. Other states allow the lender to choose an out of state foreclosure process referred to as ?non-judicial foreclosure?, and Arkansas is one of these states.

(a) The lien provided for in this subchapter shall take precedence over, and be superior to, any mortgage or other obligation attaching against the property in all cases in which the holder of the mortgage or other obligation shall permit the property to remain in the possession of and be used by the person owing and ...

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Arkansas Notice of Default by Assignee to Obligor