Statutory or Nonjudicial Foreclosure are proceedings in which no actual court case is filed. Legal Document are prepared and filed in the real property records of the county where the real property is located. First, a title search is ordered and reviewed. A title search is performed to determine who all the relevant parties to the proceeding are. Second, a Lis Pendens is filed. Third, a Substitution of Trustee is filed. This step may be skipped if the actual trustee is the same trustee as appointed by the legal document. Third, a Notice of Default and Intention to Sell must be filed in the real property records of the county where the real property is located. Fourth, within 30 days of the recording of the Notice of Default and Intention to Sell, notice must be given to the debtor(s) and any other entity with an interest in said property by certified mail and by regular mail. The last known address of the debtor(s) is sufficient. Fifth, a period of 60 days must be allowed to lapse from the date of the filing of the Notice of Default and Intention to Sell before any sale may occur. Sixth, there must be publication of the sale in a newspaper of general circulation in the county where the real property is located for 1 time a week for 4 consecutive weeks with the final publication being no more than 10 days prior to the sale date. Seventh, an Affidavit of Mailing and Publication of Notice must be filed for record in the real property records in the county where the real property is located on or before the sale date. Eighth, a sale is held. Ninth, sale proceeds are dispersed. And tenth, a mortgagee's deed or trustee's deed is executed and recorded in the real property records where the real property is located.

NOTE: The above procedural steps are for general informative purposes only and do not include every step to be completed by an attorney in a statutory/nonjudicial foreclosure.

A Nonjudicial/Statutory Foreclosure is sometimes superior to a judicial foreclosure in that it is easier to keep time frames down in large, busy counties where it is difficult to get in front of a judge, and they do not provide the debtor(s) with an easy forum to contest the foreclosure. However, strict compliance with nonjudicial/statutory foreclosure law is mandatory. Any mistakes may make the foreclosure invalid.

ARKANSAS CODE OF 1987 ANNOTATED
TITLE 18. PROPERTY
SUBTITLE 4. MORTGAGES AND LIENS
CHAPTER 50. STATUTORY FORECLOSURES

Arkansas Code Annotated Section18-50-101 Definitions.
As used in this chapter, unless the context otherwise requires:
(1) "Beneficiary" means the person named or otherwise designated in a deed of trust as the person for whose benefit a deed of trust is given or his successor in interest;
(2) "Grantor" means the person conveying an interest in real property by a mortgage or deed of trust as security for the performance of an obligation;
(3) "Deed of trust" means a deed conveying real property in trust to secure the performance of an obligation of the grantor or any other person named in the deed to a beneficiary and conferring upon the trustee a power of sale for
breach of an obligation of the grantor contained in the deed of trust;
(4) "Trustee" means any person or legal entity to whom legal title to real property is conveyed by deed of trust or his successor in interest;
(5) "Trust property" means the property encumbered by a mortgage or deed of trust;
(6) "Mortgage" means the grant of an interest in real property to be held as security for the performance of an obligation by the mortgagor or other person;
(7) "Mortgagee" means, as the context requires, the person holding an interest in real property as security for the performance of an obligation or his attorney in fact appointed pursuant to this chapter;
(8) "Mortgagor" means the person granting an interest in real property as security for the performance of an obligation;
(9) "Mortgage company" means any private, state, or federal entity which in the usual course of its business is either the mortgagee or beneficiary, as defined in this section, of a deed of trust or mortgage; and
(10) "Sale" shall mean the public auction conducted pursuant to § 18-50- 107 and shall be deemed concluded when the highest bid is accepted by the person conducting the sale.


Arkansas Code Annotated Section18-50-102 Qualifications of trustee -- Appointment of successor trustee.
(a) A trustee of a deed of trust shall be any:
(1) Attorney who is an active licensed member of the Bar of the Supreme Court of the State of Arkansas or law firm among whose members includes such an attorney;
(2) Bank or savings and loan association authorized to do business under the laws of Arkansas or those of the United States;
(3) Corporation authorized to conduct a trust business in Arkansas or the United States; or
(4) Agency or authority of the State of Arkansas where not otherwise
prohibited by law.
(b)(1) The beneficiary may appoint a successor trustee at any time by filing a substitution of trustee for record with the recorder of the county in which the trust property is situated.
(2) The new trustee shall succeed to all the power, duties, authority, and title of the original trustee and any previous successor trustee.
(3) The beneficiary may, by express provision in the substitution of a trustee, ratify and confirm actions taken on its behalf by the new trustee prior to the recording of the substitution of the trustee.
(c) The substitution shall identify the deed of trust by stating the names of the original parties thereto, the date of recordation, and the book and page where recorded or the recorder's document number. The substitution shall also state the name of the new trustee and shall be executed and duly acknowledged by all the beneficiaries or their successors in interest.
(d) A mortgagee may delegate his powers and duties under this chapter to an attorney in fact, whose acts shall be done in the name of and on behalf of the mortgagee. The qualifications for an attorney in fact shall be the same as those for a trustee.
(e) The appointment of an attorney in fact by a mortgagee shall be made by a duly executed, acknowledged, and recorded power of attorney, which shall identify the mortgage by stating the names of the original parties thereto, the date of recordation, and the book and page where recorded or the recorder's document number.
(f) A substitution of trustee or power of attorney shall be recorded before any trustee's or mortgagee's deed executed by the substituted trustee or attorney in fact is recorded.

Arkansas Code Annotated Section 18-50-103 Conditions to exercise of power.
A trustee or mortgagee may not sell the trust property unless:
(1) The deed of trust or mortgage is filed for record with the recorder of the county in which the trust property is situated;
(2) There is a default by the mortgagor, grantor, or other person owing an obligation, the performance of which obligation is secured by the mortgage or deed of trust or by their successors in interest with respect to any provision in the mortgage or deed of trust that authorizes sale in the event of default of such provision;
(3) The mortgagee, trustee, or beneficiary has filed for record with the
recorder of the county in which the trust property is situated a duly acknowledged notice of default and intention to sell containing the information required by § 18-50-104;
(4) No action has been instituted to recover the debt or any part of it secured by the mortgage or deed of trust or, if such action has been instituted, the action has been dismissed; and
(5) A period of at least sixty (60) days has elapsed since the recording of the notice of default and intention to sell.

Arkansas Code Annotated Section 18-50-104 Contents of notice -- Persons to receive notice.
(a) The mortgagee's or trustee's notice of default and intention to sell shall set forth:
(1) The names of the parties to the mortgage or deed of trust;
(2) A legal description of the trust property and, if applicable, the street address of the property;
(3) The book and page numbers where the mortgage or deed of trust is recorded or the recorder's document number;
(4) The default for which foreclosure is made;
(5) The mortgagee's or trustee's intention to sell the trust property to
satisfy the obligation, including in conspicuous type a warning as follows: "YOU MAY LOSE YOUR PROPERTY IF YOU DO NOT TAKE IMMEDIATE ACTION"; and
(6) The time, date, and place of sale.
(b) The mortgagee's or trustee's notice of default and intention to sell shall be mailed within thirty (30) days of the recording of the notice by certified mail, postage prepaid and by first class mail, postage prepaid, to the address last known to the mortgagee or the trustee or beneficiary of the following persons:
(1) The mortgagor or grantor of the deed of trust;
(2) Any successor in interest to the mortgagor or grantor whose interest appears of record or whose interest the mortgagee or the trustee or beneficiary has actual notice;
(3) Any person having a lien or interest subsequent to the interest of the mortgagee or trustee where that lien or interest appears of record or where the mortgagee, the trustee, or the beneficiary has actual notice of the lien or interest; and
(4) Any person requesting notice, as provided in § 18-50-113.
(c) The disability, incapacity, or death of any person to whom notice must be given under this section shall not delay or impair in any way the mortgagee's or trustee's right to proceed with a sale, provided that the notice has been given in the manner required by this section to the guardian or conservator or to the administrator or executor, as the case may be.

Arkansas Code Annotated Section 18-50-105 Publication of notice.
The mortgagee or trustee shall publish the notice:
(1) In a newspaper of general circulation in the county in which the trust property is situated or in a newspaper of general statewide daily publication one (1) time a week for four consecutive weeks prior to the date of sale. The final publication shall be no more than ten days prior to the sale; and
(2) By utilizing a third party posting provider to post notice at the place at the county courthouse where foreclosure sales are customarily advertised and conducted.

Arkansas Code Annotated Section 18-50-106 Trustee's affidavit.
On or before the date the mortgagee or trustee conducts the sale, a duly acknowledged affidavit of mailing and publication of the notice of default and intention to sell shall be filed for record with the recorder of the county in which the trust property is situated.

Arkansas Code Annotated Section 18-50-107 Manner of sale.
(a) The sale shall be held on the date and at the time and place designated in the notice of default and intention to sell, except that the sale shall:
(1) Be held between 9:00 a.m. and 4:00 p.m. ;
(2) Be held either at the premises of the trust property or at the front door of the county courthouse of the county in which the trust property is situated; and
(3) Not be held on a Saturday, Sunday, or a legal holiday.
(b) Any person, including the mortgagee and the beneficiary, may bid at the sale. The trustee may bid for the beneficiary but not for himself. The
mortgagee or trustee shall engage a third party to conduct the sale and act at the sale as the auctioneer of the mortgagee or trustee. No bid shall be accepted that is less than two-thirds (2/3) of the entire indebtedness due at the date of sale.
(c)(1) The person conducting the sale may postpone the sale from time to time.
(2)(A) In every such case, notice of postponement shall be given by:
(i) Public proclamation thereof by that person; or
(ii) Written notice of postponement posted at the time and place last appointed for the sale.
(B)(i) No other notice of the postponement need be given unless the sale is postponed for longer than thirty (30) days beyond the date designated in the notice.
(ii) In that event, notice thereof shall be given pursuant to § 18-50- 104.
(d)(1) Unless otherwise agreed to by the trustee or mortgagee, the purchaser shall pay at the time of sale the price bid.
(2) Interest shall accrue on any unpaid balance of the price bid at the rate specified in the note secured by the mortgage or deed of trust.
(3) Within ten (10) days after the sale, the mortgagee or trustee shall
execute and deliver the trustee's deed or mortgagee's deed to the purchaser.
(4) The mortgagee or beneficiary shall receive a credit on its bid for:
(A) The amount representing the unpaid principal owed;
(B) Accrued interest as of the date of the sale;
(C) Advances for the payment of taxes, insurance, and maintenance of the trust property; and
(D) Costs of the sale, including reasonable trustee's and attorney's fees.
(e) The purchaser at the sale shall be entitled to immediate possession of the property. Possession may be obtained by filing a complaint in the chancery court of the county in which the property lies and attaching a copy of the recorded trustee's or mortgagee's deed, whereupon the purchaser shall be entitled to an ex parte writ of assistance. Alternatively, the purchaser may bring an action for forcible entry and detainer pursuant to § 18-60-301 et seq. In either event, the provisions of § 18-50-116(d) shall apply.

Arkansas Code Annotated Section 18-50-108 Effect of sale.
(a) A sale made by a mortgagee or trustee shall foreclose and terminate all interest in the trust property of all persons to whom notice is given under § 18-50-104 and of any other person claiming by, through, or under such person. A failure to give notice to any person entitled to notice shall not affect the validity of the sale as to persons notified. A person entitled to notice, but not given notice, shall have the rights of a person not made a defendant in a judicial foreclosure.
(b) A sale shall terminate all rights of redemption, and no person shall have a right to redeem the trust property after a sale, notwithstanding that the
deed to and possession of the trust property have yet to be delivered.
(c) No notice shall be required to be given to any person claiming an interest subsequent to the filing of the notice of default and intention to sell as set forth in § 18-50-103(3). The filing of the notice of default and intention to sell shall have the same force and effect as the filing of a lis pendens in a judicial proceeding.

Arkansas Code Annotated Section 18-50-109 Disposition of proceeds of sale.
The trustee or mortgagee shall apply the proceeds of the sale as follows:
(1) To the expenses of the sale, including compensation of the trustee or mortgagee and a reasonable fee by the attorney;
(2) To the indebtedness owed;
(3) To all persons having recorded liens subsequent to the interest of the trustee or mortgagee as their interests may appear in the order of the priority;
(4) The surplus, if any, to the grantor of the trust deed or to the successor in interest of the grantor entitled to such surplus.

Arkansas Code Annotated Section 18-50-110. [Repealed.]

Arkansas Code Annotated Section 18-50-111 Form and effect of trustee's or mortgagee's deed.
(a)(1) The trustee's or mortgagee's deed shall contain recitals of compliance with the requirements of this chapter relating to the exercise of the power of sale and sale of the trust property, including recitals concerning mailing and publication of notice of default and intention to sell and the conduct of the sale.