State laws do not allow for a Louisiana foreclosure right of redemption. The state laws do not allow for individuals to reclaim property lost during the foreclosure process. Those who live in this state and are facing foreclosure need to focus on options to prevent foreclosure whenever possible. In nearly all situations, it is best to work with an attorney, who may be able to offer some recourse to help the property owner to remain in his or her home.
What Is Right of Redemption?
In states where a right of redemption is allowable, the property owner may reclaim his or her property lost during the foreclosure process. This right allow for the homeowner to make all payments, including all back payments of principle and interest costs, all late fees and all costs incurred by the lender during the foreclosure process, to take back the home. However, many states place a time limit on this process. If applicable, the time limit is called the foreclosure redemption period.
Avoiding Foreclosure Often Best in Louisiana
For those who live in Louisiana, it is often best to work towards avoiding the foreclosure process rather than looking for options after the process. There are several options individuals may have available to them, prior to the foreclosure process ending.
- Individuals can halt the foreclosure process by filing bankruptcy. This does not stop the foreclosure long term, but it does stop the process long enough for a solution to be obtained, if possible.
- Some lenders may be willing to accept home modification. Government programs may be available for this as well. However, it is critical to take these options into consideration as soon as possible.
- If you know you will miss a payment, contact the lender. The lender may be able to offer minor solutions for onetime payment problems.
In other circumstances, it may impossible to avoid the foreclosure process, unless the homeowner sells the home or goes through with a deed in lieu of foreclosure. This process will allow the homeowner to hand over the keys to his or her home to the lender, which stops the foreclosure process. However, it does have less of a negative effect on an individual's credit score.
Hiring an Attorney Is Critical
Individuals who are looking for a way to stop foreclosure should consider hiring a Louisiana attorney. The attorney can help offer any solution available, including helping the homeowner to work with the lender if at all possible. In other situations, a Louisiana attorney can help with advice and guidance through the foreclosure process.
