Benton County
Understanding Nonjudicial Foreclosure Process
Arkansas is a state that allows nonjudicial foreclosures. Nonjudicial foreclosure is a way for a lender to take back a property without going to court. The advantage for lenders is that the process to get to foreclosure auction is much quicker. State laws define this process, allowing the lender to sell the property to cover the unpaid mortgage balance. The lender must give the homeowner notice of default and time to catch up on missed payments. If the homeowner can't fix the default, the lender can sell the property at an auction, via the law firm they elect to represent them. In Benton County, the homeowner must receive the notice of default and intention to sell four times, for four consecutive weeks, with the last service being no more than ten days prior to auction.
On the auction day, the home will be sold to the highest bidder. Often times, you will have to vacate the property immediately.
Judicial Foreclosures
Occasionally, a lender will go the judicial route and file a suit to foreclose on a property. In general, the process is the same as the more common nonjudicial foreclosure but goes through the court system. It requires certain documentation and filings by the lender, which tends to make the process take longer. The homeowner will be notified of the case and be given the opportunity to file a response. A home will go to foreclosure auction once a default judgement is reached.
On the auction day, the home will be sold to the highest bidder. Often times, you will have to vacate the property immediately.
What We Can Offer You
Lease Option Agreement
A Lease Option Agreement combines the benefits of leasing with the potential to buy the property in the future. It allows you to lease a property for a set period, with the option to purchase it at a later date. We pay off your mortgage, you stay in your home and avoid the possibility of foreclosure while you get back on your feet again.
Quick Cash Purchase
Out of time and just ready to start over? We can offer our highest and best price for your home before auction with payment in cash, and closing as soon as seven days. Walk away with cash in hand to start anew. Reach out to us to get the process started!