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 deed of trust

Time to respond

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

Reinstatement of loan before sale

Allowed up to the date of sale

Redemption after sale

Not available

Special protections for foreclosures involving high-cost mortgages

Arkansas Home Loan Protection Act is intended as a remedy against abusive lending practices for all loans on a primary residence, other than the first mortgage, that are for $150,000 or less. The act is very technical but offers TILA rescission (see Ch. 7) as a remedy for an intentional violation, as well as monetary damages. Ark. Code Ann. §§ 23-53-101 to 106

Special state protections for service members

Ark. Code Ann. § 12-62-718

Deficiency judgments

Allowed for differences 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

State law does not specify an amount of notice that must be given before former owner can be evicted. Check with a resource (see Ch. 10) to see what the general practice is where you live.

Foreclosure statutes

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

by: , J.D.

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