"Foreclosure" is one of those words that will send a chill down anyone's spine. WSFL Trusted Advisor Chad Van Horn, of Van Horn Law Group, says foreclosure is turning into a hot topic that you'll see more of soon.
Due to the pandemic, many homeowners have been left in unfortunate positions with their finances. Right now several of those homeowners have been saved by forbearance options in the CARES Act, allowing them to skip payments without negative impacts, but those will end in 2022.
In Florida, after about 4 to 6 months in default, you will be put into foreclosure. Van Horn says in Florida it does have to go through the courts which could result in a slower process. There is also the option of loan modification, which is when you make an agreement with the bank to get back on track with payments. Since home prices have been rising, several people have equity in their homes which can also help them in a foreclosure situation, which can also help with loan modification.
The only word that might be scarier than foreclosure is bankruptcy, but that can actually help you. Filing Chapter 13 bankruptcy will guarantee your home is saved. It will help you get your payments in order for up to a five-year time period.
If you're facing foreclosure, the Van Horn Law Group is offering a special deal if you mention this segment. You can find more here www.vanhornlawgroup.com