Arkansas Foreclosure Lawyer
Assisting Homeowners in Saline County and Throughout Arkansas
The experienced team at the American Disability Action Group is determined to help you get financial freedom. With support from our empathetic foreclosure attorneys in Arkansas, you can take the first steps toward financial freedom. Get in touch with our compassionate foreclosure lawyers today to learn how we can help.
In the last 15 years more than 6 million Americans lost their homes through foreclosure. In many states throughout the country, countless homeowners are specifically burdened by medical debt, and an unfortunately large percentage of these medical issues were caused by a disability. The result is that millions of Americans with disabilities are overwhelmed by medical bills but have no way to pay these immense debts back. To make matters worse, mortgage lenders often take advantage of this situation by foreclosing these victims’ houses. Contact our Arkansas foreclosure law firm to get the help you need to stand up to the lenders and banks.
What Are the Stages of Foreclosure?
Your lender may foreclose on your property and take it back from you if you miss your mortgage payments after several months. The foreclosure process varies depending on your state, however, below is an overview of what it entails.
The foreclosure process:
- Payment of Default — if you miss a payment, the lender will send a missed payment notice. If you miss another payment, they will send a demand letter.
- Notice of Default (NOD) — if you miss your payments for 90 days, you will receive this notice. You have 90 additional days to settle your payments with the lender.
- Notice of Trustee’s Sale — if you are unable to resolve things with the lender, the property will go on sale at public auction for 3 weeks.
- Trustee’s Sale — this is when the property goes on public auction. The highest bidder is entitled to immediate possession of the property.
- Real Estate Owned (REO) — if the property is not sold during the auction, the lender becomes the owner of it and will try selling it with the help of a real estate owned asset manager.
- Eviction — you may stay in the property until it is sold, however, when the time comes, an eviction notice will be sent. You have a few days to remove your belongings and a local sheriff will check the property to remove occupants or remaining belongings. The remaining belongings will be put in storage and may be retrieved for a fee.
How Bankruptcy Can Stop Foreclosure
If you’re struggling with several types of debt, bankruptcy might be the right option for you. Chapter 13 bankruptcy is specifically beneficial for debtors who are struggling to keep their homes.
Like all forms of bankruptcy, Chapter 13 triggers an automatic stay, which orders debt collectors to stop attempting to collect payments in any way. This includes foreclosure proceedings. During the course of your 3 to 5-year plan, you can catch up on late mortgage payments and effectively save your home from foreclosure.
Chapter 7, unfortunately, is not as effective in stopping foreclosure. This is because it is a much faster proceeding, and you will need to be completely caught up on payments by the end of the 4 to 6-month process. Bankruptcy cannot discharge mortgage debt, which is why Chapter 13 is a great opportunity to get caught up while discharging other types of debt, like medical bills. If you are considering filing for Chapter 13, reach out to a Bryant foreclosure attorney to see if this option is right for you.
How Long Does Foreclosure Take?
The length of time it takes for the foreclosure process to complete may be different depending on your circumstances. In Arkansas, judicial and non-judicial foreclosure are available. It typically takes about 120 days (nearly 4 months) to complete a non-judicial foreclosure. This means that lenders are allowed to foreclose on a property without the court’s approval. If the borrower objects to the foreclosure or the lender needs to go through a judicial foreclosure, the timeframe may be extended for several months.
Can My Disability Benefits Be Taken During a Foreclosure?
Thankfully, your disability benefits are protected by the Social Security Act, which means there is no way that foreclosure can take them from you. Our compassionate and knowledgeable foreclosure lawyers in Bryant can also give you specific clarification by showing you exactly where the law defends your benefits, even against the most aggressive creditors.
In the United States today, healthcare is incredibly expensive, and very few can afford the treatment and long-term care they need without becoming overwhelmed with debt. Unfortunately, many Americans with disabilities don’t know about the powerful legal tools that can help reduce this debt and prevent foreclosure. With support from our empathetic foreclosure attorneys in Arkansas, however, you can take the first steps toward financial freedom.