Escrow & Title
Under Arkansas law, the redemption period for a mortgage foreclosure (judicial) is approximately:
A30 days
BNo statutory redemption period exists after a completed foreclosure sale in Arkansas✓ Correct
C12 months
D6 months
Explanation
Arkansas generally does not provide a statutory post-sale redemption period for judicial mortgage foreclosures, though equitable redemption (before the foreclosure sale) is available. The specific rules depend on the loan type and circumstances.
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Key Terms to Know
Short Sale
A sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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