15. Understanding the Foreclosure Process in Luling LA

We buy houses in Luling LA

We buy houses in Luling, Louisiana. You want to sell your home in Luling during foreclosure? We are legitimate Luling home buyers that offer cash for houses in LA, and we know the process regarding house foreclosures very well, including the nightmares that go with it. We will make it easier for you to sell your home fast. Before we dive in, you need to have a basic understanding of the foreclosure process in Louisiana as it is an important part of navigating your own home foreclosure.

What Is Foreclosure Anyway?

Foreclosure is the legal process that lenders use to take back property securing a loan, generally after the borrower stops making payments.

Foreclosure is no fun, but just know that it’s not the end of the world.

When you know how foreclosure in Luling works, it arms you with the knowledge to make sure you navigate it well and come out the other end as well as possible. It will also help you make good decisions to avoid any foreclosure scams.

The Basic Stages of a Foreclosure

House buyers in Luling LAThere are a few stages that are important to any foreclosure process. Foreclosure works differently in different states around the country. The two ways different states use to foreclose upon a property are judicial sale or power of sale.

Connect with us by calling (504) 565-2024 or through our contact page to have us walk you through the specific foreclosure process here in Luling LA.

In either scenario, foreclosure typically doesn’t go to court until 3-6 months of missed payments have elapsed. Usually (but not always), a lender will send out many notices that you are in arrears – overdue or behind in your payment.

Under Judicial Foreclosure:

  • Your mortgage lender must file suit in the court system.
  • You’ll get a letter from the court demanding payment.
  • Assuming the loan is valid, you’ll have 30 days to bring the payment to court to avoid foreclosure (and sometimes, that can be extended).
  • If you don’t pay during the payment period, a judgment will be entered and the lender can request the sale of your property – usually through an auction.
  • Once the property is sold, the sheriff serves an eviction notice and forces you to immediately vacate the property.

Under Power of Sale (or Non-Judicial Foreclosure):

  • The mortgage lender serves you with papers demanding payment, and the courts are not required – although the process may be subject to judicial review.
  • After the established waiting period has elapsed, a deed of trust is drawn up and control of your property is transferred to a trustee.
  • The trustee can then sell your property for the lender at a public auction (notice must be given).

Anyone who has an interest in the property must be notified during either type of foreclosure. For example, any contractors or banks with liens against a foreclosed property are entitled to collect from the proceedings of an auction.

What Happens After a Foreclosure Auction?

Cash for houses in Luling LAAfter a foreclosure is complete, the loan amount is paid off with the sale proceeds. Sometimes, if the sale of the property at auction isn’t enough to pay off the loan, a deficiency judgment can be issued against the borrower.

A deficiency judgment is where the bank gets a judgment against you, the borrower, for the remaining funds owed to the bank on the loan amount after the foreclosure sale.

Some states limit the amount owed in a deficiency judgment to the fair value of the property at the time of sale, while other states will allow the full loan amount to be assessed against the borrower.

Here’s a great resource that lists the state-by-state deficiency judgment laws, since every state is different.

Sell My House in Luling LA

Generally, it’s best to avoid a foreclosure auction. Instead, call up the bank or work with a reputable real estate firm like us at Spouses Who Buy Houses to help you negotiate discounts off the amount owed to avoid having to carry out a foreclosure.

Experienced investors can help you by negotiating directly with banks to lower the amount you owe in a sale – or even eliminate it, even if your home is worth less than you owe.

If you need to sell your house in LA , we can help you. We are local homebuyers in Luling LA, and we purchase homes like yours from people who need to sell fast.

Give us a call anytime (504) 565-2024 or
fill out the form on this website today! >>

Other Foreclosure Resources for Luling LA Homeowners:

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