Tara, a single woman, owes $200,000 on her house loan from Big Bank. She loses her job and stops making loan payments. Big Bank forecloses upon Tara’s house. Big Bank receives $100,000 from the sale of the house. In Arkansas along with most other states what may Big Bank do at this point in time?
A. Send a notice of default to other creditors
B. Obtain a deficiency judgment against Tara for $100,000
C. Offer Tara the right of redemption.
D. Report Tara’s default to the local prosecutor for a criminal prosecution.
E. Nothing: Big Bank must “write off” the remainder of the loan.
Answer: B. Obtain a deficiency judgment against Tara for $100,000
Business
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