New Orleans Louisiana Foreclosure Help, Defense, Laws and Process

 


Owning a home in one of the largest cities in the United States of America could part of the ultimate American Dream. New Orleans is famous for its diverse cultures and exotic parades. Thanks to mortgage help, this has become a great reality to residents living in this major city. There have been major setbacks that have made home ownership here difficult. The mortgage rates have risen drastically over the years while the values on the homes have decreased. Many have had to foreclose their properties due to the decrease in value of their home property.

If you find yourself in such a situation then it is important to seek the counsel of a government agency. Government assistance is made available to all and it helps those experiencing such problems. A HUD-approved counselor is available to answer all your queries and assist you in the best way to save your home. Before turning to private foreclosure prevention companies, it’s important to note that government help is available. These avoidance counselors are mandated to provide you with information according to the state laws.

If you find yourself undergoing foreclosure seek help immediately. Informing your lender as soon as you realize you are falling behind on your house payments. You must realize that as time passes by thousands of dollars are being charged to the balance you owe and what’s worse, the legal fees for the foreclosure proceedings are also added to this balance. Informing your lender will give you the opportunity to re-negotiate the terms on the contract. Loan modification at this stage is highly likely.

Stop Foreclosure in New Orleans, Louisiana

The following guidelines will help you to stop foreclosure in New Orleans:

  • Do not ignore the problem. Very few people think they will lose their home because they have more time. Act fast and accordingly.
  • Get in touch with your lender as soon as possible. At this stage loan modification is highly likely.
  • Acknowledge all the notices sent to you. They have vital information that may save your home on foreclosure prevention tips.
  • Take the time to learn about your mortgage rights.
  • Contact your HUD-approved Housing Counselor. This could be the key to all your foreclosure woes. Government help is free.
  • If you have fixed assets that are valuable liquidate them so that they may fund your defaulted amount.
  • File for bankruptcy. This maybe your last solution in to buying time to gather the resources required to pay the defaulted amount.

New Orleans, Louisiana Foreclosure Process

In the state of Louisiana, lenders may foreclose properties in default by using the judicial foreclosure process. Judicial foreclosures may be executed in the following 2 ways in New Orleans:

  • The Executory process. In this process the mortgage document contains a “confession of judgment” which is executed by the lender’s attorney in the event of default. The court issues an order to foreclose and gives the borrower 3 days to cure the default. If the borrower does not cure it, the court then issues a right of seizure and sale.
  • The ordinary process. Here the lender needs to sue the borrower through his attorney in order to obtain an order to foreclose.

Foreclosure may be unavoidable but it shouldn’t be the end of home ownership. Credit repair services are made available by the state. You are given the opportunity to fix your credit scores that will help you improve your credit ratings. Your credit scores are vital in securing other loan services in the future. Be wary of private companies promising to stop foreclosure. Using the government agencies is best and safer.