Arkansas Foreclosure
Judicial as well as non judicial Arkansas foreclosures are available. Timeline is typically 120 days. Appraisal of the property is a must by Arkansas Foreclosure Law. Sale of the property must be at least at two thirds the appraised value failing which the property may go for second round of sale inside of twelve months, but without a reference to the previous appraisal. In judicial foreclosure, court allows the borrower a permissible time frame to pay off his debt failing which the commissioner goes ahead with advertising the foreclosure sale. The sale will be on credit and the purchaser is given three to six moths time or a four months installment period. Purchaser will execute a bond with surety for the amount of sale. Borrower can redeem his property in a year’s time paying sale price and interest. With a power of sale clause included, the lender can go for non judicial foreclosure. Right of redemption and deficiency suit varies. Lender is entitled to file deficiency under ‘power of sale’ clause for either the difference between sale price and due loan or due amount minus market value whichever is less.
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