Sometimes. A lender may sue a borrower for a deficiency judgment in Arkansas if the foreclosure sale occurred through a non judicial foreclosure procedure pursuant to a power of sale clause. If the property sells at the public foreclosure sale for less than the amount owed the lender then the lender may sue for a deficiency judgment within 12 months of the foreclosure sale.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.