Arkansas Foreclosure Process

If you are wondering how the Arkansas foreclosure process works so you can buy another home before your credit is too far gone there are a few things that you should know. These things include the process and time it takes, and if the damage ever goes away.

When you miss a payment on your mortgage, the Arkansas foreclosure process will automatically begin. When this occurs your credit will immediately reflect that you have missed a payment or two. If you know that you are going to miss a few payments because a substantial change has taken place in your life and impacted your ability to be able to afford your mortgage payments then you should apply for another home mortgage now. The sooner you purchase another home the better your chances are of qualifying. Once the payments are reflected on your credit report that you have missed them then it is evident on your credit report and difficult to buy another home.

It can take up to 9 months for a home to go through the entire Arkansas foreclosure process. The 9 months consists of the bank filing through the local county a notice of default, posting notices and contacting you, filing an intent to sell, and a sale of the property at an auction at the local county courthouse. After the home sells at the auction your credit report will reflect a foreclosure. The actual foreclosure may take months to appear on your credit report but the missed payments will be reflected right away.

If you have foreclosed on a home in the state of Arizona in the past it is common for people to believe that the issue will go away from their credit report within 7 years. The problem is that the Arizona foreclosure process and the notification on the credit report may not appear for up to a year after the foreclosure. Plus, if the bank is coming after you for the difference, the debt may be sold to other debtors over and over as brand new debts. It used to be impossible to buy another home with a foreclosure on your credit. However, today there are new laws that allow you to buy another home because so many millions of people have foreclosed on their homes.

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