Arkansas

This old church was in Searcy Arkansas right across the street from the First Methodist Church facing Main Street at the corner of Main and Market. I'm a fairly new resident of Searcy, having been here only 40 or so years but this one was still standing while I've lived here. It's there no longer, however.

It was torn down a few years ago and First Methodist owns the land and has built a new building where this one was. I believe the congregation has a newer church now on the edge of town.

The building appears to have had a basement, rare in our area now. Perhaps some of the earlier basements made people realize they didn't work so well.

Although many reporting services are saying home values have falled as much as 16% that is not the case in the Rogers Arkansas and Fayetteville Arkansas markets. The Rogers Arkansas home prices are up slightly and the Fayetteville Arkansas values as indicated by sales are up 4%. 350 jobs are being created each month due in part to the strength of Walmart and their suppliers.

Beaver lake is still brimming full and will not recede much till November. This will make for excellent fishing in future years as the spring spawn has plenty of cover from predators.

ChadKumpe GRI,ABR,CRS,SRES

Principal Broker, Chad Kumpe Real Estate

I'm against the $85,000,000,000.00 bailout of AIG.

Instead, I'm in favor of giving $85,000,000,000 to America in a 'We Deserve It Dividend'.

To make the math simple, let's assume there are 200,000,000 bon-a-fide U.S. Citizens 18+.

Our population is about 301,000,000 +/- counting every man, woman and child.

So 200,000,000 might be a fair stab at adults 18 and up..

So divide 200 million adults 18+ into $85 billon that equals $425,000.00.

My plan is to give $425,000 to every person 18+ as a 'We Deserve It Dividend'.

Of course, it would NOT be tax free. So let's assume a tax rate of 30%.

Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam.

But it means that every adult 18+ has $297,500.00 in their pocket. A husband and wife has $595,000.00.

What would you do with $297,500.00 to $595,000.00 in your family?

Pay off your mortgage - housing crisis solved.

Repay college loans - what a great boost to new grads

Put away money for college - it'll be there

Save in a bank - create money to loan to entrepreneurs.

Buy a new car - create jobs

Invest in the market - capital drives growth

Pay for your parent's medical insurance - health care improves

Enable Deadbeat Dads to come clean - or else

Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers

and every other company that is cutting back. And of course, for those serving in our Armed Forces.

If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ( "vote buy" )

economic incentive that is being proposed by one of our candidates for President.

If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+!

As for AIG - liquidate it.

Sell off its parts.

(Please pass on to your Senators)

If you live or own a home in Arkansas and are facing foreclosure, please see below for the foreclosure process.

When you develop a definite plan of action with well-time, well-informed steps, you can stop the foreclosure process and save your home. We have outlined the foreclose process for the state of Arkansas.

Judicial Foreclosure Available: Yes

Non-judicial Foreclosure Available: Yes

Under Arkansas law, a residential real property mortgage held by a bank, savings, and loan or mortgage company may be foreclosed under a power of sale clause in the mortgage. Agricultural real property or construction loans operate by different rules.

Power of Sale Foreclosure

Preliminary Notice

Contents of Notice

The Notice of default and Intention to sell must name the deed of trust parties, give recordings information, describe the default and the amount due on the loan and state the trustee’s or lender’s intention to undertake a foreclosure sale. The notice must include in conspicuous type the following warning:

"YOU MAY LOSE YOUR PROPERTY IF YOU
DO NOT TAKE IMMEDIATE ACTION."

Advertising

The notice of default and intention to sell must be published once a week for four consecutive weeks prior to the date of the sale in a newspaper of general circulation in the county where the property is located. The final publication must be no more than ten days before the sale.

Mailing

The notice must be mailed to the borrower by certified mail to the last address the lender knows of writing ten days after recording the notice. This includes any borrower of record or of whom the lender has actual notice. The notice must also be mailed to anyone who records a Request for Notice that specifically described the mortgagee including its recording information.

Recording

The lender must record a copy of the Notice of Default and Intention to Sell.

Special Procedures - Reinstatement Rights

An appraisement of the property must be made before foreclosure day. The justice of the peace for the county in which the property is located must appoint three disinterested householders of the county where the property is located. The appraisers must take an oath that they will ‘well and truly view’ and appraise the property that may be shown to them. The appraisers must then view and appraise the property, and then all or any two of them must write an appraisal report and deliver the same to the person holding the foreclosure sale. The person conducting the sale must make it available to any interested party. For their services, the appraiser’s are paid $1 which comes from the proceeds of the foreclosure.

In any foreclosure under a mortgage or deed of trust in Arkansas, the property must sell for not less than two-thirds of the appraised value. If it does not, then it may be offered for sale within 12 months. The second sale may be to the highest bidder without reference to the appraisement.

Sale Procedures

The attorney for the mortgage or trustee may conduct the sale and act as the auctioneer. The foreclosure sale must take place at the time, date and place specified in the notice of Default and Intention to Sell, but the sale must be within certain limits.

Time

It must be held between 9:00 a.m. and 4:00 p.m. on a week day, and not on a Saturday, Sunday or legal holiday.

Place

It must be held at either the property being foreclosed on or the front door of the county courthouse where the property is located.

Manner

Any person including the mortgagee (lender) may bid at the sale, except the trustee, who may bid on the behalf of the beneficiary (lender) but not for himself or herself in deed of trust sales. The high bidder must pay the price bid at the time of sale, or within ten days. The lender may bid by canceling out what it is owed on the loan, including unpaid taxes, insurance, costs or sale and maintenance, but for cash for any higher price. The mortgage or trustee will execute and deliver a trustee’s deed to the high bid purchaser.

Postponement

The sale may be postponed by public proclamation at the time, place and date last appointed for sale, up to seven days past the original date, but if for a longer time, then the whole notice procedure must be performed a second time, including the 60-day wait.

Post-Sale Procedures

The purchaser may obtain possession once the deed is recorded. The occupant of the foreclosed premises becomes a tenant at sufferance against whom the purchases may use a writ of assistance, if necessary, to effect the eviction.

The proceeds of the sale will be applied as follows: (1) to pay the expenses of the sale; (2) to the debt owed; (3) to any recorded lien holders in the order of their priority, and; (4) to the original borrower.

Within ten days after the sale, the trustee or mortgagee will file an affidavit stating that a sale was made in accordance with the law, including the time, place and date of the sale, and the purchase price. A copy must be mailed to all persons entitled to receive notice of the foreclosure as described earlier.

Judicial Foreclosure

In judicial foreclosure, a court decrees the amount of the indebtedness of the borrower and gives him or her a short time to pay. If the borrower fails to pay within that time, then the clerk of the court, as commissioner, advertises the property for sale. Sales of real property under court order will be on a credit of not less than three months not more than six months, or on installments to not more than four months credit overall. To secure payment, a lien will be retained on the property for its price. The purchaser must further give a bond with surety for the purchase price. The lender may bid at the sale. The lender can bid by crediting a portion (or all) of the amount the court found was owed to the lender against the sales price of the property purchased at the foreclosure sale. Of the real estate does not sell for an amount equal to what’s due on the mortgage loan, then the lender may seize other property from the borrower as in an ordinary judgment.

Deficiency

The lender may sue the borrower for a deficiency within 12 months of a power of sale clause foreclosure. The lender may sue for (1) the difference between the foreclosure sale price and the balance due on the loan, or (2) the balance due on the loan minus the fair market value of the property, whichever is less.

Redemption

When property is sold under a chancery court order, the borrower has one year from the date of the sale to redeem the property by payment of the amount for which the property was sold plus interest. However, the mortgagor may waive the right of redemption in a mortgage or deed of trust. In the case of a deed of trust or mortgagee’s sale under a power of sale clause, as described earlier, the borrower is not entitled to a right of redemption.

Callie Thompson

Infinity Funding Group

407-860-1993

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