Louisiana Foreclosure Process

The Louisiana foreclosure process begins when a borrower of a home mortgage fails to make their monthly payments on their loan. This process may begin as soon as a couple of weeks after the first missed payment or after two or three missed payments. Not all lenders act as quickly as others to recover their money. One thing to keep in mind is that because of the high rate of foreclosures today, it is usually assumed by most lenders right away the home will be a foreclosure so they are acting quickly.

Because banks are acting quickly on the Louisiana foreclosure process, you might only have up to 6 months before the home is scheduled to sell at an auction. In some cases, a home can be sold at an auction as quickly as 4 months if the bank is quick about it. It is best to tell the bank if you are trying to get the money together to get current on the payments because if they do not hear from you they will assume that you do not care about the home and they need to recover their money as quickly as possible.

When the Louisiana foreclosure process begins it is hard to get out of it unless you have all of the money owed to the bank to pay off the arrearages. Banks will offer ways to get caught up and even help many people by letting them start over on their loans. Talk to your lender and see if they can help you with your mortgage if you are having a hard time making the payments. Make sure that if you make a deal with the lender on your mortgage arrearages to keep your home that you hold true to the agreement or the foreclosure may go into effect where it left off and be even quicker this time.

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