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Louisiana Foreclosure

Foreclosure in Louisiana presents good deal if you have the potential to bargain. To buy a foreclosed home in LA, auction is the best time. Because of this reason now days one can witness many bidders during foreclosure auctions. But during the process of foreclosure, certain auction rules are followed and you should know this. For this you can either contact a Sheriff or attend the auction.

Louisiana Foreclosure Rates

Home foreclosure rate in the state of Louisiana has greatly increased due to the rising number of homebuyers using adjustable mortgage loans to buy their homes. However, the increasing foreclosure rates offer a good opportunity to investors and homebuyers. Now buying a Louisiana foreclosure home should not be done without getting ample information regarding the condition of the property. After reading the notice of sale you can visit the foreclosed home and check it from purchasing point of view. Along with all other things it is also necessary to get the pre-approval certificate. This is a certificate that shows the amount you can borrow from the lender for making any kind of buying deal. Now if you do not want to be a part of the auction then also you can purchase Louisiana foreclosed homes. This can be done during pre-foreclosure process, by going through the foreclosure listings or buying property from the lender in the form of Real Estate Owned (REO).

LA Foreclosure Laws

LA foreclosures has only Judicial procedure according to the foreclosure law. There is no right to redeem the property and the whole process of LA foreclosure takes about 60 days. Further Louisiana foreclosure law has two judicial processes, which are:
  • Executory
  • Ordinary process

Foreclosure Process

In executory process of foreclosure in LA, borrower sign the obligations of the mortgage in front of notary public and two witnesses.

This easier than the ordinary process, as once the copy of mortgage has been given after the filing of suit and original note then the court can order to commence the process of foreclosure. Then the borrower must be given demand for the default occurred. If the defaulter gives payment withing three days then the case is stopped otherwise auction takes place after serving and advertising notice for 30 days. The process that operates as an ordinary lawsuit is called Ordinary foreclosure process in LA.

For your further understanding Realestatezing.com has made an attempt to list the websites showing LA foreclosure law and foreclosure Louisiana home listing.
 
Foreclosure Assistance, LLC
Foreclosure Assistance, LLC has given the details of foreclosure laws in Louisiana. This firm also assists homeowners who are facing foreclosures and has also provided consultancy for the same.
Website: http://www.foreclosureassistance.com/states/louisiana.html
 
Foreclosure Deals.com
you can find cheap and affordable foreclosed homes in the website of Foreclosure Deals.com. Accordingly you can also check the foreclosure laws and search for foreclosed homes county and city wise.
Website: http://www.foreclosuredeals.com/listings.php?state_sg=LA
 
Homes for Sale in Louisiana
Homes for Sale in Louisiana contains the list of homes that are directly sold by homeowners and known as FSBO. Along with foreclosed homes, new homes and houses can also be seen in the list.
Website: http://www.homes-for-sale-by-owner.info/Louisiana/


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