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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.
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.
The home sold through a judicial foreclosure sale can be redeemed by the homeowner within 12 months after the sale.
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.
judicial foreclosure in Arkansas can only happen if there is a legal clause that preauthorizes the sale of the home in the event of a mortgage default. If the clause contains information about the sale, such as a time, place, and terms, that process can be followed.
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.