Louisiana Sample Letter regarding Information for Foreclosures and Bankruptcies
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How to fill out Sample Letter Regarding Information For Foreclosures And Bankruptcies?
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Since Louisiana is a judicial foreclosure state, the time frame for foreclosing on a Louisiana property can vary depending on the court schedule, just as it can in other judicial foreclosure states. It usually takes a lender about 6-9 months to foreclose on a Louisiana property.
One way to stop a foreclosure is by "redeeming" the property. To redeem, you must pay off the full loan amount before the foreclosure sale. Under Louisiana law, you can prevent the sale by paying the sheriff the amount of the judgment with interest and costs.
Again, the most common foreclosure process in Louisiana is an executory proceeding. This type of foreclosure is possible when the borrower agrees in the loan paperwork that the lender may get a judgment upon a default.
You can potentially file for bankruptcy or file a lawsuit against the foreclosing party (the "bank") to possibly stop the foreclosure entirely or at least delay it. If you have a bit more time on your hands, you can apply for a loan modification or another workout option.
Another option is a deed in lieu of foreclosure. This involves transferring the title of a property from the debtor to the lender in exchange for forgiveness of the remaining debt. It's essentially a sale of the property directly to the lender for the remaining loan balance.
All foreclosures in Louisiana must go through the judicial process, meaning that the court is involved. There are two types of judicial foreclosures that are used in the state: ordinary and executory. In most cases, the executory process is the one used to foreclose upon a home in Louisiana.
Options include paying back the past-due amount over time, loan modification or refinance, or deed in lieu of foreclosure. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender, if you need this assistance.
