Redemption and Deficiency Judgments in Arkansas
Whether you can buy back your home after a foreclosure sale in Arkansas, and whether the lender can sue for what's still owed.
Short answer: After a non-judicial sale under the Statutory Foreclosure Act, there is no right of redemption. After a court-ordered foreclosure sale, the borrower (or heirs) may redeem within one year from the sale by paying the sale price with interest and the costs of foreclosure and sale, unless… Ark. Code Ann. §§ 18-50-108(b), 18-49-106
| Redemption after the sale | After a non-judicial sale under the Statutory Foreclosure Act, there is no right of redemption. After a court-ordered foreclosure sale, the borrower (or heirs) may redeem within one year from the sale by paying the sale price with interest and the costs of foreclosure and sale, unless the borrower waived redemption in the mortgage or deed of trust. |
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| Deficiency judgments | Limited after a non-judicial sale. The lender must sue within 12 months after the sale and prove the debt, the sale price and the property's fair market value. The judgment cannot exceed the lesser of the debt (with interest, costs and fees) minus the fair market value, or the debt minus the sale price. Source: Ark. Code Ann. § 18-50-112 |
More Arkansas foreclosure & homeowner law
- How Foreclosure Works in Arkansas
- Getting Your Home Back After a Tax Sale in Arkansas
- All Arkansas foreclosure & homeowner law rules
FAQ
Is there a right of redemption after foreclosure in Arkansas?
After a non-judicial sale under the Statutory Foreclosure Act, there is no right of redemption. After a court-ordered foreclosure sale, the borrower (or heirs) may redeem within one year from the sale by paying the sale price with interest and the costs of foreclosure and sale, unless the borrower waived redemption in the mortgage or deed of trust.
Can the lender come after you for the rest of the loan after foreclosure in Arkansas?
Limited after a non-judicial sale. The lender must sue within 12 months after the sale and prove the debt, the sale price and the property's fair market value. The judgment cannot exceed the lesser of the debt (with interest, costs and fees) minus the fair market value, or the debt minus the sale price.
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.