Hope Hospital in Arkansas may avert foreclosure

Hope Hospital may be able to avert foreclosure after an Ohio asset management group took over ownership and management.

Nexus Healthcare management announced Wednesday that they took over ownership of Medical Park Hospital and are committed to an aggressive turnaround and will offer some debt relief to the insolvent hospital.

In April, IASIS began legal proceedings to foreclosure on the Hope Hospital for unpaid balances on a $4.5 million debt. Hope also owes $ 3 million to the IRS and close to $500,000 in unpaid property taxes along with thousands to vendors.

IASAS, based in Texarkana, TX said that the loan balance and unpaid taxes would have to be resolved before the stop their collection efforts.

In special cases a highly-skilled foreclosure attorney can help a business or an individual prevent loan holders from taking over their property.

Several Hope Hospital doctors sent a letter the state Governor Mike Beebe asking for emergency intervention to save the medical center. They blamed mismanagement for the hospital’s dire financial problems.

The fate of the medical center is still undecided, but Nexus may be able to save it if they pay down their debts.

One way in which debtors try to collect on large amounts of debt is by putting a lien on a property and eventually foreclosing. An Arkansas foreclosure attorney will do all in their power to make sure that a business or individual is able to keep possession of their home or property.

If you are facing foreclosure in Arkansas it’s important to find an accomplished foreclosure lawyer with a number of victories under their belt. In court, their experience will pay off and the troubled homeowner will be able to avoid eviction.