Summary of Arkansas' Foreclosure Laws

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If you are facing foreclosure in Arkansas, it’s important to understand some of the basics, including:

  • the most common type of foreclosure procedure (judicial v. nonjudicial) used in Arkansas
  • how much time you have to respond
  • your rights and protections in the process, and
  • what happens afterwards (for example, whether you’ll be liable for a deficiency judgment).

 Below we have outlined some of the most important features of Arkansas foreclosure law. Keep in mind that this is just a summary; we’ve included statute citations so you can get more details from the laws themselves. And be sure to check out Nolo’s extensive Foreclosure section, where you can find information about all aspects of foreclosure, definitions of foreclosure terms (like redemption and reinstatement), and options to avoid foreclosure.

Topic

State Rule

Most common type of foreclosure process

Nonjudicial under power of sale in mortgage

Time to respond

Foreclosing party must mail a notice of default and intent to sell by certified and first-class mail to the borrower within 30 days after recording the notice. Notice must also be published consecutively for four weeks prior to sale and posted at the courthouse and on a website where local legal notices are routinely posted.

Reinstatement of loan before sale

Allowed prior to the sale

Redemption after sale

Not available after a nonjudicial foreclosure

Special protections for foreclosures involving high-cost mortgages

Arkansas’ Home Loan Protection Act prohibits certain practices regarding high-cost home loans. Ark. Code Ann. §§ 23-53-101 to 106

Special state protections for service members

Lender may not foreclose on a military service member for nonpayment or any breach occurring during military service without a court order if certain conditions are met. Applies to National Guard members called into active military service by the governor for more than 180 days. Ark. Code Ann. § 12-62-716

Deficiency judgments

Allowed for difference between the lesser of indebtedness minus market value of the property and the indebtedness minus the sales price. Lawsuit must be filed within one year of sale.

Cash exempted in bankruptcy

About $12,725 for one person, $25,450 for a married couple under federal bankruptcy exemptions. $200 if single; $500 if married or head of household under state bankruptcy exemptions.

Notice to leave after house is sold

The new owner can initiate an eviction action once the deed is recorded following the sale.

Foreclosure statutes

Ark. Code Ann. §§ 18-50-101 to 18-50-116

Updated by: , Contributing Editor

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