Judicial Foreclosures give the borrower a court ordered amount to be paid to secure the property and a designated time in which it has to be paid. If this is not satisfied, judicial foreclosure procedures continue. A person can hold the foreclosed property on credit for three months to six months, however if at the end of the hold the lender can seize the property as in an ordinary judgment and the borrower has a year to redeem the property.

When the power of sale clause is present in the loan, a lender will utilize the non-judicial foreclosure procedure. All parties of the deed must be notified by certified mail or by court server a copy of the notice of intent within five days of recordation. The lender must publish the intent to sell for four consecutive weeks in a newspaper in which the property is located if there is not clear cut instructions as to time, place, and terms of sale in the power of sale clause. The last publication cannot be less than ten days prior to the date of sale.

If you live in the state of Arkansas and are facing foreclosure, 1st Foreclosure Prevention can help you work with you lender to stop the foreclosure process and help you to save your home.