Stop Foreclosure in Louisiana

 


How to Stop Foreclosure in Louisiana

There are just so many things you have to know and understand about foreclosure and although you think you have everything covered up already, chances are, you don’t. This is because the concept of foreclosure, although pretty easy to understand, involves a lot of concepts that you should equally take note of because they are equally important.

For one, there are laws and timelines that you have to take note of. Each law on foreclosure differ from state to state that is why you have to know which one applies to you. The process of foreclosure also differs when it will take place. For one, foreclosure can happen after four missed payments, while in other states in can happen after 3 or more than 5 failed payments.

Another thing you also have to take note of would be your rights when it comes to mortgages. This simply means that you have consistently review your mortgage documents so that you’ll know your due dates and things like that. Remember to review also the terms that you applied for to avoid problems in the future.

It would also be a good thing for you to consider talking to a housing counselor to give you an idea about your home applications and the like. Remember to disclose all relevant information too when asked to avoid problems in the future.

Work with your lender hand in hand. Whenever there are delays or problems with your payment, remember to contact your lender immediately so that they’ll know that it isn’t your intention to miss out on your payment terms.

There are a lot of alternatives to foreclosure so you don’t have to face this type of problem. You can avoid this by being consistent with your payment terms and then you can have the home that you have always wanted.

Synopsis of Louisiana Foreclosure Laws

Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: No

Primary Security Instruments: Mortgage

Timeline: Typically 60 days

Right of Redemption: No

Deficiency Judgments Allowed: Yes

In Louisiana, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure

There are two types of judicial foreclosure proceedings in Louisiana, executory and ordinary process.

The executory process takes place when the lender uses a mortgage that includes an “authentic act that imparts a confession of judgment”, as provided in the Louisiana statutes. Essentially, this means the borrower signed and acknowledged the obligations of the mortgage in the presence of a notary public and two witnesses. This type of mortgage makes the foreclosure process easier for the lender because once the suit has been filed and the original note and a certified copy of the mortgage has been provided, the court will issue an order for the process to begin.

Once ordered, the borrower must be then be served with a demand for the delinquent payments. The borrower has three (3) days to provide the delinquent payments or the court will order a writ of seizure and sale and the property will be sold after proper notice has been advertised for thirty (30) days.

Lenders may also sue to obtain a deficiency judgment, but buyers have no rights of redemption.

Where to go to for Foreclosure Help

New Orleans Field Office

Department of Housing and Urban Development
Hale Boggs Federal Building
500 Poydras Street, 9th Floor
New Orleans, LA 70130

Phone: (504) 671-3001
Email: LA_Webmanager@hud.gov
Fax: (504) 671-3751

Marvel Robertson
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Shreveport Field Office

Department of Housing and Urban Development
Shreveport Office Building
401 Edwards Street, Suite 1510
Shreveport, LA 71101-5513

Phone: (318) 226-7030
Email: LA_Webmanager@hud.gov
Fax: (318) 676-3506

Martha Sakre
Field Office Director

Office Hours: 7:45 a.m. to 4:30 p.m.
Monday through Friday

Stop Foreclosure Early

Capital One
318-674-3731
309 East Palmetto Street
Plain Dealing, LA

Chase Bank
(225) 332-4310
1702 Main St
Baker, LA

Capital One
337-268-8050
501 First St
Franklin, LA

Capital One
985-447-0110
4804 Hwy 308
Napoleonville, LA

Chase Bank
(504) 347-9792
4100 Lapalco Blvd
Marrero, LA

United First Financial
225 921-2206
9345 Corsica Ave
Baton Rouge, LA

Chase Bank
(985) 649-1893
1943 E Gause Blvd
Slidell, LA

Capital One
337-494-3589
113 Arthur Avenue
Lake Arthur, LA

Capital One
337-775-7107
451 Marshall Street
Cameron, LA

Chase Bank
(985) 727-7313
3481a E Causeway Approach
Mandeville, LA