by Shellie Wallace, Esq.
Wilson & Associates, P.L.L.C.
USFN Member (AR, MS, TN)

Last year, the Arkansas Supreme Court issued an opinion in Davis v. PennyMac Loan Services, 2020 Ark. 180, 599 S.W.3d 128 (Ark. 2020), concluding that Notices of Default in Arkansas must be very specific. The language of that opinion created upheaval in the REO market and led to litigation over foreclosures that occurred years ago.

While much of the litigation has been resolved and dismissed, the Arkansas General Assembly has now spoken on the matter. The House and Senate overwhelmingly passed a bill, AR Act 1108, that would end challenges to a statutory foreclosure for failure to strictly comply with the statute if those claims are not brought within thirty days of the foreclosure sale.  

Additionally, the bill is retroactive to 2011, the year the General Assembly created additional notice requirements within the statutory foreclosure act. AR Act 1108 became law on May 4 and goes into effect July 27, 2021.

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June 2021 e-Update