It Arkansas, non-judicial foreclosure sales are often required to be postponed due to a missing “104 Certification” or “104 Letter.” In order to hold a non-judicial foreclose sale in Arkansas, one of the contingencies that must be met is found in section 18-50-104(a)(3) of the Statutory Foreclosure Act. This section provides that the holder of the mortgage or deed of trust must certify to the attorney conducting the sale that each borrower that has applied for loan modification for forbearance assistance has been notified that they did not meet the criteria for any such loan modification for forbearance assistance program. This applies to programs offered by the holder/servicer and to government programs in which the holder/servicer participates. That notice letter must be sent by certified and first-class mail at least 10 business days before the sale date. These letters must be sent by the holder/servicer and cannot be sent by their attorneys.
To summarize, in order to proceed with a non-judicial sale on the scheduled date, the holder/servicer must do one of two things:
For more information, contact Mitch Berry, Esq.