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A few potential ways to stop a foreclosure include reinstating the loan, redeeming the property before the sale, or filing for bankruptcy.
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.
To officially start the foreclosure, the lender records a notice of default and intention to sell with the county recorder. The lender then mails a copy of the notice to you and various other parties by both certified and first-class mail within 30 days after recording the notice. (Ark.
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.
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.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.
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.