Foreclosure is a reality for many South Florida residents. That is why Trusted Advisor, Chad Van Horn of Van Horn Law Group joined Inside South Florida to share strategies to help if you might lose your home.
“Foreclosure is when a lender that has a lien on your property is looking to take the property and sell it to pay off the debt that is owed,” says Van Horn.
A lender interested in foreclosing on your home must obtain a foreclosure sale’s date through the courts.
“The sale’s date is what the lender is trying to get to so that they can sell the property. A sale’s date is obtained after the lender wins the foreclosure case,” says Van Horn. “Once you have a sale’s date, you really got to get in to see an attorney because your options are limited at that point.”
If your lender has obtained a sale’s date, Van Horn has options to help you save your property.
“Chapter 13 bankruptcy, a chapter 13 reorganization, is designed to help people keep their homes. What that will do is cancel the sale date immediately and allow you to get into a repayment plan over time,” says Van Horn. “There are other options, such as modification, where you can negotiate with the bank to modify your payment to a lower payment. One of the last situations is that you can sell your home. Many people don't realize when you're in foreclosure, you can actually sell your home.”
For more information, visit VanHornLawGroup.com or call 954-637-0000
This Inside South Florida segment is paid for by Van Horn Law Group.