Phillips County Mortgage Secured by Promissory Note Form (Arkansas)

The following Arkansas and Phillips County supplemental forms are included as a courtesy with your order:

When using these Mortgage Secured by Promissory Note forms, the subject real estate must be physically located in Phillips County. The executed documents should then be recorded in the following office:

Local jurisdictions located in Phillips County include:

• Barton
• Crumrod
• Elaine
• Helena
• Lambrook
• Lexa
• Marvell
• Mellwood
• Oneida
• Poplar Grove
• Turner
• Wabash
• West Helena

("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.) (18-50-101 (4))

Once (filed in the recorder's office) the mortgage becomes a (lien on the mortgaged property). (The filing shall be notice to all persons of the existence of the mortgage.) (18-40-102)

The (Mortgagor)/ Borrower grants (an interest in real property as security for the performance of an obligation secured by a mortgage.) (18-50-101 (8))

The (Mortgagee)/Lender holds (an interest in real property as security for the performance of an obligation secured by a mortgage.) (18-50-101 (7))

The borrower must also complete a promissory note. A promissory note is a negotiable instrument that contains an unconditional written promise, signed by the borrower, to repay the lender or its designated agent. It defines the amount and specific terms of the loan between the borrower and the lender (interest rates, default rate, late payment fee, etc.), and must be completed at the same time as the security instrument. Many lenders retain the promissory note for the duration of the mortgage and return it to the borrower after the debt is repaid.

Use these forms for real property, land, single family, condominiums, small commercial and rental units (up to 4). The promissory note can be used for traditional installment and balloon payments. In Arkansas, the Mortgagor/Borrower has the right to redeem the property if it is sold through decree of the circuit court/foreclosure. (This may be done at any time within one (1) year from the date of sale). [The mortgagor may waive the right of redemption in the mortgage so executed and foreclosed.] In this form the Mortgagor/Borrower releases their right of redemption. They also relinquish their rights of homestead (if any). These terms can be beneficial to the Mortgagee/Lender if default occurs. (18-49-106 (2)) [18-49-106 (b)]

(Arkansas Mortgage Package includes forms, guidelines, and completed examples) For use in Arkansas Only.

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The documents you receive here will meet, or exceed, the Phillips County recording requirements for formatting. If there's an issue caused by our formatting, we'll make it right and refund your payment.

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