Behind on mortgage payments and worried about going into foreclosure in Arkansas? It’s time to seek out foreclosure help and learn what to expect. In Arkansas, there are few incidents of foreclosure these days, but if it is to happen, it will typically be a nonjudicial process. In other words, you will not have to go to court. Also, due to federal regulations, a servicer cannot begin foreclosure until 120 days have passed.
You will receive a notice if you are in danger of foreclosure. Luckily, there are ways to prevent foreclosure and get your mortgage payments under control. Let’s have a look at some statistics for Arkansas before checking the resources available.
About Homeownership
An estimated 3 million people live in Arkansas, and there are an estimated 1,150,000 homes in the state. Areas like Little Rock, Fayetteville, Fort Smith, and Springdale are the most populated, but none of the cities top 200,000 people. This means Arkansas is more spread out than some more metropolitan areas, and there are plenty of suburban areas. Depending on where you live in Arkansas, the cost of housing, as well as the availability of an assortment of housing types, may be limited.
The median home cost in Arkansas is around $128,000. That is lower than the national average of $231,200.
Cost of Living in Arkansas
Compared to much of the United States, Arkansas has a very low cost of living. In fact, the Cost of Living Index from C2ER reported that expenses are 14 percent lower than the rest of the US. That means that housing, utilities, food, and transportation are much more affordable.
Housing prices are notably affordable. As mentioned above, the average cost of a house in Arkansas is low. Rentals also run around $1,000 per month. The state is also in the top 10 for the lowest property taxes. In 2019, the average cost of utilities was around $1,892. That puts the cost at 8.7 percent lower than the rest of the US.
Have a specific question about Avoiding Foreclosure in Arkansas? Check out our Foreclosure FAQ’s section.
Foreclosure Rates in Arkansas
Interestingly, in the second quarter of 2020, Arkansas was among the states with the shortest average foreclosure timelines—a mere 181 days. Compare that with Louisiana (1,341 days) or New York (1,242 days).
However, it is worth noting that the foreclosure rate in Arkansas was at an all-time low in 2019. The state continues to have low percentages. Right now, 1 in every 64,464 properties is at risk of foreclosure.
The top five counties with high incidents of foreclosure include:
- Cleveland: 1 in every 4,084
- Little River: 1 in every 6,494
- Polk: 1 in every 10,111
- Garland: 1 in every 12,709
- Carroll: 1 in every 13,649
Foreclosure Resources in Arkansas
You do not have to face foreclosure alone and confused. There are plenty of resources for Arkansas homeowners to utilize.
Arkansas Attorney General: Consumer Protection
The Arkansas Attorney General has information available in the Consumer Protection section of their website that outlines options when you are behind on mortgage payments. There is also a link that connects you to counselors that are certified by the U.S. Department of Housing and Urban Development (HUD). You can visit makinghomeaffordable.gov or call the HOPE hotline at 888-995-4673.
Utility Assistance in Arkansas
You may also be eligible for utility assistance to help get your finances in order. Some of the programs you can check out are:
- LIHEP Assistance: a grant for families with disadvantaged individuals. You may receive a credit of up to $350 if you qualify.
- Weatherization Assistance Program (WAP): helps those with low incomes or the elderly. This is available in 75 counties in Arkansas through the Community Action Agencies (CAA) who deal with Meals on Wheels, Tax Prep, Emergency Food, and more.
- Entergy Arkansas: lowers monthly utility bills for both residential properties and businesses. Evaluations are free, and you may learn new ways to upgrade your home to cut costs.
Still have questions after checking the resources above? Give us a call at 1-877-494-9007. Our friendly team is available to answer any questions or concerns you have about foreclosure in Arkansas.
Arkansas Foreclosure Attorney
Sounds scary, but reaching out to a foreclosure attorney in Arkansas may give you some insight into your legal options. An attorney may help you understand your rights as a homeowner and options other programs may not explore. Attorneys generally offer a free consultation, this gives you the chance to get answers to basic questions before paying.
Arkansas Bankruptcy Attorney
Filing bankruptcy can protect a home facing foreclosure. But, this does not mean it is true for Arkansas or your unique situation. Chapter 7 bankruptcy in Arkansas may temporarily stop a foreclosure sale for 45 to 65 days after filing. This can give a homeowner time needed to catch up on mortgage payments and work out a solution with the lender.