Posted on January 13, 2009 - by admin
What happens after foreclosure in arkansas?
Amy C
I am facing forclosure on my house here in Arkansas. My payments have gotten too high, and i can’t afford to keep making them on my current income. If they do foreclose on the property, and i owe a remainder on that amount, what are the options they will give me to repay the amount? Will i be given the opportunity to make payments on the remaining balance? Will they garnish my wages?
I am facing forclosure on my house here in Arkansas. My payments have gotten too high, and i can’t afford to keep making them on my current income. If they do foreclose on the property, and i owe a remainder on that amount, what are the options they will give me to repay the amount? Will i be given the opportunity to make payments on the remaining balance? Will they garnish my wages?
I have searched on what happens after foreclosure in arkansas and can find little more than what happens during the process.
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January 15, 2009
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I’m not 100% certain on the correct answer to your question however you may want to contact Wilson and Associates in Little Rock. They are a Law Firm/ Title Company that handles the majority of foreclosures in Arkansas. I’m sure they can get you the answer you are looking for. However there may be options for you if you are not currently delinquent or just started being delinquent. There are several options depending on the situation. If the problem is you have a high interest rate you may be able to refinance into a FHA loan designed for people in your situation called FHA secure. If you don’t think there’s no way you can get a loan or have already been turned down you may be able to do what’s called a short sell and this keeps the foreclosure off of your credit. Its basically when you work out a deal to sell the home for less than you owe on it. It sounds crazy but lenders are doing a lot of these. You should know that they do not want to foreclose because it costs them huge losses. See below for a couple of links that may help. Hope this helps. Try or
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January 18, 2009
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They could seek a judgment against you but they hardly do this since foreclosures across the board is just bleeding them dry. Additional lawsuits will just cost more money.
If you want to know what happens in the process and how to actually make money out of it (foreclosures), you can buy a few books on how the process works. One of my favorite ones is:
Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days by Don Sausa [ISBN 0978834682]
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January 19, 2009
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Hey Amy, I think you should seriously check this site out. It can help you best answer your questions and even provide some solutions. Good Luck!
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January 20, 2009
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Hello how are you? You can get free information and learn how to stop/prevent foreclosure at ForeclosedRiches.com I know this will help you. Good Luck!