Non-Judicial Foreclosure in Arkansas

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Icon Mini Profile nesikay1





Joined: 23 Apr 2010

Posts: 1

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Post Posted: Fri Apr 23, 2010 11:12 pm    Post subject: Non-Judicial Foreclosure in Arkansas
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In a non-judicial forclosure what happens if the mortgage holder buys the property on the court house steps at the first foreclosure sale? If the mortgage holder purchases the property is that considered the same as if an individual buys the property? Is the sale final at that point? Can the borrower still be held liable if there is a deficiency?

Thank you in advance for your time.
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

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Location: Nevada
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Post Posted: Sat Apr 24, 2010 1:58 am    Post subject:
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Hi nesikay,

As far as I know, the lender will be able to buy your property in the foreclosure auction. If there is a deficient amount, then you would be liable for paying it off. If you do not pay off the required amount, the lender may garnish your wages or place lien on your other properties.

Thanks
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