Information provided by http://www.arkansas.gov
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
SECTION 1. Arkansas Code § 18-50-105 is amended to read as follows:
18-50-105. Publication of notice.
(a) The mortgagee or trustee shall publish the notice:
(1) In a newspaper of general circulation in the county in which the trust property is situated or in a newspaper of general statewide daily publication one (1) time a week for four (4) consecutive weeks prior to the date of sale. The final publication shall be no more than ten (10) days prior to the sale;
(2) By employing a third-party posting provider to post notice at the place at the county courthouse where foreclosure sales are customarily advertised and conducted; and
(3) By employing a third-party Internet foreclosure sale notice information service provider.
(b)(1) The mortgagee or trustee shall employ a third-party posting provider to post notice of the sale on the premises of the trust property no more than ten (10) days before the sale.
(2) If the trust property is single-family housing, the notice shall be affixed to the outside of the house in a manner that will reasonably apprise the occupants of the housing of the pending sale and shall not be placed as a yard sign or affixed to a fence, mailbox, or other similar structure.
SECTION 2. Arkansas Code § 18-50-116 is amended to read as follows:
18-50-116. Miscellaneous provisions.
(a) The procedures set forth in this chapter for the foreclosure of a mortgage or deed of trust shall not impair:
(1) Impair or otherwise affect the right to bring a judicial action to foreclose a mortgage or deed of trust; or
(2) Impair the right of a person entitled to notice and not given notice to bring a judicial action to halt or void the sale of the trust property under this chapter.
(b) A notice of default and intention to sell shall be filed within the time the foreclosure of the mortgage or deed of trust by judicial action could have been commenced.
(c) The procedures set forth in this chapter shall apply only if the mortgagee or beneficiary is a mortgage company as defined in § 18-50-101 or is a bank or savings and loan. This chapter shall not apply to a mortgage or a deed of trust encumbering trust property used primarily for agricultural purposes.
(d) Nothing in this chapter shall be construed to:
(1) Create an implied right of redemption in favor of any person; or
(2)(A) Impair the right of any person or entity to assert his legal and equitable rights in a court of competent jurisdiction.
(B) Provided, however, that any such claim or defense, except a claim of lack of notice from a person entitled to notice and not given notice, shall be asserted prior to the sale or be forever barred and terminated.
(e) At any time prior to the delivery of the trustee's or mortgagee's deed, the trustee or mortgagee shall be authorized to set aside a sale conducted pursuant to this chapter by declaring the sale null and void and returning the purchase price to the highest bidder without any further liability to the bidder. In this event, the trustee or mortgagee shall file an affidavit declaring the sale null and void with the recorder of the county in which the trust property is located, and all terms and provisions of the mortgage or deed of trust shall be revived and reinstated as if no sale had occurred.
(f)(1) The sale of trust property under this chapter shall be void if:
(A) A person entitled to notice is not given notice; or
(B) A person in actual possession of the premises of the trust property is not given notice of the default and intention to sell.
(2) If a person entitled to notice is not given notice, or if a person in actual possession of the premises of the trust property is not given notice, the person shall have the right to bring a judicial action:
(A) To enjoin the procedures in this chapter for the foreclosure of a mortgage or deed of trust; or
(B) To void the sale of the trust property if the action is filed within one (1) year of the sale.
Click here for more information on Arkansas foreclosure laws
Arkansas Real Estate Directory
Cities in Arkansas We Avoid Foreclosure or Stop Foreclosure in
|
.jpg)
