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.
PLG BLOG DISCLAIMER
The information contained on this blog shall not constitute legal advice or a legal opinion. The existence of or review and/or use of this blog or any information hereon does not and is not intended to create an attorney-client relationship. Further, no information on this blog should be construed as investment advice. Independent legal and financial advice should be sought before using any information obtained from this blog. It is important to note that the cases are subject to change with future court decisions or other changes in the law. For the most up-to-date information, please contact Padgett Law Group (“PLG”). PLG shall have no liability whatsoever to any user of this blog or any information contained hereon, for any claim(s) related in any way to the use of this blog. Users hereby release and hold harmless PLG of and from any and all liability for any claim(s), whether based in contract or in tort, including, but not limited to, claims for lost profits or consequential, exemplary, incidental, indirect, special, or punitive damages arising from or related to their use of the information contained on this blog or their inability to use this blog.
THIS BLOG IS PROVIDED ON AN “AS IS” BASIS WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF TITLE OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.