What is Foreclosure in White Hall, Arkansas?

White Hall Foreclosure Lawyers, AR

Find the Right Lawyer Now

Foreclosure is the legal procedure by which the lender in a mortgage arrangement takes possession of the property (normally a house) that secured the loan. This is done when the White Hall, Arkansas debtor has repeatedly failed to make their payments. Foreclosure normally requires the house to be sold at an auction. Normally, banks want to rid themselves of the property as soon as they can, in order to gather as much money as possible.

In every state, including Arkansas, borrowers have the option to go through foreclosure by judicial sale. This means that the auction will be supervised by a court, to make sure that the bank makes an effort to get as high a price as possible (to increase the chances that the whole balance will be covered, as well as the odds that there will be some money leftover for the debtor). In numerous states, original mortgages (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the debtor for the balance, if the sale nets less than the amount due. You should consult a attorney in White Hall, Arkansas to learn the details of the law here. You should also know that this rarely applies to loans that have been refinanced.

How Can I Avoid Foreclosure in Arkansas?

First, and most importantly, you should not dismiss the issue. Failing to respond to foreclosure calls from your lender will not make a issue go away. You should stay in touch, and be straightforward with, your creditor as much as possible. You should keep in mind that banks normally don't want to take your White Hall home. They aren't in the real estate business, and expect to make money through interest on the loan, not by selling your house. If you are up-front with them early on, they will probably make a reasonable effort to accommodate your financial system if it will prevent you from defaulting.

If you believe that foreclosure is imminent, there are some other avenues. For example, you may be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can receive, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. A "short refinance" may also be an option in some cases. This allows you to have some part of the debt forgiven, while refinancing the rest.

Find a White Hall Lawyer that Specializes in Your Area of Need:

How Can A White Hall, Arkansas Attorney Help?

If you are facing the possibility of foreclosure, a good White Hall, Arkansas real estate lawyer can help. At the very least, they will be able to inform you of your legal options.

7 Bankruptcy, Banking and Credit cases posted to LegalMatch lawyers in White Hall

Foreclosure Attorneys in the Largest AR Cities

Show Arkansas Cities

Foreclosure Lawyers in Other Arkansas Cities and Towns


Find the Right Lawyer Now

Top Rated Lawyers

View attorney profiles and see how other LegalMatch users rate attorneys that may respond to your case.

Bankruptcy, Banking and Credit Lawyer
LegalMatch Bankruptcy, Banking and Credit Lawyer Christopher K.

Christopher K.

Los Angeles West, AR

Bankruptcy, Banking and Credit

Rating (17 users) *****
See Reviews
Employment and Labor Law Lawyer
LegalMatch Employment and Labor Law Lawyer Joel C.

Joel C.

JEFFERSON, AR

Employment and Labor Law

Rating (19 users) *****
See Reviews
General Practice Lawyer
LegalMatch General Practice Lawyer Timothy W.

Timothy W.

INDEPENDENCE, AR

General Practice

Rating (3 users) *****
See Reviews
Employment and Labor Law Lawyer
LegalMatch Employment and Labor Law Lawyer David H W.

David H W.

ADAMS, CO

Employment and Labor Law

Rating (17 users) *****
See Reviews

Need a Bankruptcy Lawyer?

No obligation - Lawyers compete for your case. Choose your issue & get started now: