New Orleans Foreclosure Lawyers

Find the right Foreclosure attorney in New Orleans, LA

Foreclosure Law in Louisiana

In New Orleans, Louisiana, foreclosure is a process through which a lender that issued a mortgage loan retakes possession of the property that was bought with the mortgage in the event that the borrower has defaulted on his or her payments.

When consumers have to deal with foreclosure, it almost always involves a home. The bank will typically take possession of the house, and then sell it at auction, to try to encompass the balance of the mortgage. Banks usually want sell the property quickly, for as much money as possible.

In all states in the U.S., including Louisiana, borrowers have the option of foreclosure by judicial sale. This permits a court to oversee the sale of the property by the bank. The purpose of this is to get the house to sell for the highest price possible. While this might seem like something that would only benefit the bank, it is also a great benefit to the borrower, since it increases the likelihood that the sale will encompass the full balance of the mortgage, preventing them from having to pay it.

Some states treat mortgages as "non-recourse loans." A non-recourse loan is one that is secured by the borrower's property, but for which the borrower is not personally liable. Essentially, this means that a lender in a foreclosure can take the house that was mortgaged, but nothing else. If the house sells for less than the lender is owed, it cannot go after the borrower.

How to Possibly Avoid Foreclosure in New Orleans, Louisiana

Communication between you and your lender is perhaps the most significant way to prevent foreclosure. Ignoring the issue is guaranteed to be counterproductive. Honesty is the best policy when it comes to dealing with lenders.

Bear in mind that banks aren't in the business of real estate speculation - they're in the business of lending money, and making profits through interest on their loans. In short, the bank doesn't really want your house - they'd much rather have you continue making your mortgage payments. For banks, foreclosing on a home is a last resort. Essentially, nobody likes foreclosures, and everyone wants to prevent them.

It's possible that your lender is willing to negotiate a plan that results in temporarily-lower payments on your mortgage, particularly if this means that they will be able to get some payments, instead of none at all.

As a last resort, some borrowers consider a "short sale." In a short sale, the homeowner sells the house to the highest bidder, and uses the funds to pay off the remaining debt. If there is any extra from the sale, it goes to the borrower. If the sale price is worth less than what's left of the mortgage in Louisiana, the remaining debt is discharged.

Can a New Orleans, Louisiana real estate attorney help?

If you live in New Orleans, Louisiana and believe that your house is in danger of being foreclosed, you may have more options and protections than you think. You may not know what all of them are, but an experienced real estate lawyer probably will.

Talk to a Real Estate Law Attorney now!

Life in New Orleans

New Orleans is the largest city in the State of Louisiana and know to most as "The Big Easy" but locals just call it "Nawlins." Despite natural disasters of the past few years, New Orleans has rebounded back once again and plays host to one of the most unique multicultural communities in the entire United States. New Orleans is famous for being the birthplace of jazz, Creole cuisine and culture, and their annual blowout celebrations like Mardi Gras during Spring Break. In fact, tourism plays a major role in the New Orleans economy. It has been consistently voted one of "America's Favorite Cities" by Travel Magazine. New Orleans' sports teams like the Saints and Hornets, local universities like Tulane and Loyola, and cultural attractions like the French Quarter draw a high number of visitors.

The City of New Orleans is known globally for its diverse representation of unique architecture. The Port of New Orleans is touted as one of the busiest and most expansive in the world. The city is a major southern hub for transportation and distribution. Acme Truck Line and Boh Brothers Construction are two of the city's significant employers. In addition to oil refineries and chemical production, New Orleans is home to the second largest coffee roasting plant in the world. It's owned and operated by Folgers Coffee.

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