Avoid the Foreclosure TRAINWRECK!
Imagine the panic you would feel if you were stopped ON train tracks and realized there was a train coming. In much the same way, the mortgage company is the train! They are trying to sell your house at Sheriff’s Sale and you may even still owe them money after the sale. We are here to help you get off of the foreclosure track.
When facing a foreclosure in Louisiana, the best advice we can give is to ACT NOW! Our team of experienced professionals is here to help ensure the best outcome for your situation.
IF YOUR LENDER HAS ALREADY STARTED FORECLOSURE PROCEEDINGS, THE PASSING OF TIME IS YOUR ENEMY. AS THE FORECLOSURE TRAIN ROLLS FORWARD, THOUSANDS OF DOLLARS IN PENALTIES AND LEGAL FEES CAN BE ADDED TO THE BALANCE YOU CURRENTLY OWE. THE LONGER YOU DELAY, THE MORE DIFFICULT IT MAY BE TO AVOID FORECLOSURE.
Contact us today by phone at (225) 291-8000 or fill out the form HERE the right to get on the right track!
What are some of my options?
First off, take a deep breath. You are not the first person to face this, and you will not be the last, but we are help to help you through this as much as we can.
One of the biggest pieces of advice we can offer to you, even if the foreclosure process has not started, is to communicate with the lender. If you fall behind on payments or are served with foreclosure papers, do NOT ignore the problem. Call your lender, and respond to any attempts the lender makes to contact you. This goes a long way in having them cooperate with you.
The next step is to really think hard about what you are hoping to accomplish. The main question is whether your goal is to try and keep the house or whether your goal is to sell the house, keep the foreclosure off of your record, and move on.
If you are trying to keep the house, some alternatives to discuss with your mortgage company or attorney are:
Loan modification is a change made to the terms of an existing loan by a lender. It may involve a reduction in the interest rate, an extension of the length of time for repayment, a different type of loan, or any combination of the three.
Forbearance is when your mortgage servicer or lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage. You will have to pay the payment reduction or the paused payments back later. Forbearance can help you deal with a hardship, such as, if your home was damaged in a flood, you had an illness or injury that increased your healthcare costs, or you lost your job. Forbearance does not erase the amount you owe on your mortgage. You will have to repay any missed or reduced payments.
There are few options here as the circumstances are limited where you can enter into bankruptcy and retain the home. If you are considering this, SPEAK TO A QUALIFIED ATTORNEY.
If you decide to move on and relieve yourself of the burdensome home, your 2 top options are:
DEED IN LIEU
A deed in lieu of foreclosure is a document that transfers the title of a property from the property owner to their lender in exchange for being relieved of the mortgage debt. The mortgagor (you) deeds the collateral property (the home) back to the lender serving as the mortgagee in exchange for the release of all obligations under the mortgage. If there are any other liens, mortgages, or judgments against you or the property, this option might be a challenge. And be careful of how your deed in lieu is worded as the bank may have cause to come after you in the future for the deficiency owed.
This is when the bank agrees to let you sell the property at a price that is lower than the amount that you owe on the mortgage and accept it as payment in full. You will probably have to prove that there was some type of hardship that made you fall behind on payments or have tried to sell your property on the market for what you owe and have been unsuccessful. We are very experienced in handling short sales and can guide you through the process and do most of the heavy lifting.
Want to Learn MORE About How to STOP FORECLOSURE?
So, are you in foreclosure and want to learn how to stop foreclosure now? Our partners have created free online guides to help homeowners just like you find out your options on getting out of the sticky situation you’re in right now. Click HERE to download!
You aren’t the first person to go through a foreclosure… and won’t be the last. So don’t feel ashamed. It happens.
The best thing you can do right now is to educate yourself on your options. For some people selling your home is the best option (we’ll make a fair all-cash offer on your house today, just let us know about your situation here <<), sometimes we’re able to help homeowners STOP FORECLOSURE completely, and sometimes there are other options. So, click one of the buttons above to get your free foreclosure guide.