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Foreclosure Survival Guide
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Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| 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 (up to 30 days longer if the foreclosing party mails the notice immediately after recording it). The foreclosing party must also publish notice in a local newspaper for four weeks before sale, and must post the notice 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 | Nonjudicial: none allowed |
| 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. §§ 23-53-01 to 106 |
| Special state protections for service members | Ark. Code Ann. § 12-62-718 |
| 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 $11,000 for one person, $22,000 for a married couple under federal 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. §§ 18-49-101 to 18-49-106, 18-50-101 to 18-50-116 |