Facing Foreclosure in Louisiana? Know Your Options
Falling behind on house payments is stressful, and the letters from the lender make it worse. We are a local, family-run company in Metairie, and we help homeowners across New Orleans, Jefferson Parish and the Northshore look at every option before a Louisiana sheriff sale. If selling makes sense, we buy as-is with no repairs. Call (504) 920-4747 or use the form above.
How foreclosure usually works in Louisiana
Most Louisiana home foreclosures are filed as executory process. When the lender files, the court can order a notice of seizure, and the sheriff in the parish where the house sits schedules and advertises a sheriff sale. In New Orleans that is the Orleans Parish Civil Sheriff, and in Jefferson Parish and St. Tammany Parish it is the parish sheriff.
A few lenders use ordinary process instead, which runs through a regular lawsuit. Either way, the house is still yours until the sheriff sale, and you still have choices. The earlier you act, the more of those choices stay open.
Our guide on how to sell a house in foreclosure in Louisiana explains the process in more detail, and the Jefferson Parish foreclosure guide covers the steps on the East and West Bank.
Options to look at before you decide
Selling is only one way out. Before anyone makes you an offer, it is worth knowing what else is on the table:
- Repayment plan or forbearance. If the hardship is short term, your servicer may let you catch up over time or pause payments.
- Loan modification. The lender changes the terms of the loan so the payment fits your budget. Ask for the application in writing.
- Housing counseling. HUD-approved housing counselors are free and can help you deal with the servicer.
- Legal advice. A Louisiana attorney can review the foreclosure filing and explain whether bankruptcy or a defense makes sense.
- Short sale or deed in lieu of foreclosure. If you owe more than the house is worth, the lender may accept less than the full balance or take the house back without a sheriff sale.
- Selling the house. If there is equity, a sale that closes before the sheriff sale pays off the loan and the rest goes to you.
When selling to a cash buyer makes sense
A direct sale tends to fit when the house needs work, when you do not want strangers walking through during a hard time, or when the sale date does not leave room for a long listing. It also fits when you have already moved out and the house is sitting empty.
Here is how the money works. The title company orders a payoff letter from your lender, which includes the missed payments, fees and any foreclosure costs. At closing, the lender is paid first, then any other liens, and whatever is left belongs to you. You see every number on the settlement statement before you sign.
Behind on payments but not in foreclosure yet
If you have missed one or two payments and nothing has been filed, you are in a better spot than it may feel like. Call the servicer now, keep records of every conversation, and get a clear picture of what you owe. Our post on pre-foreclosure in New Orleans and Jefferson Parish walks through what to do first.
What we look at before making an offer
We are not going to make promises before we see the numbers. To tell you whether a sale can work, we look at the loan payoff, any second mortgage or home equity line, property taxes, other liens, the condition of the house and the sheriff sale date if one has been set. If the numbers do not work for a cash sale, we will say so and point you toward the options above.
You can see how one Metairie owner handled it in our 621 Pasadena case study.
How a written cash offer works
- Reach out. Call (504) 920-4747 or fill out the form. Tell us about the house and where the foreclosure stands.
- We see the house. We walk the property with you. There is no need to clean or repair anything.
- You get a written offer. We put the price and terms in writing so you can compare them with your other options.
- You decide. If you accept, a local title company handles the payoff, the title work and the closing.
- Closing. The lender is paid from the proceeds at closing, and you receive whatever is left. You do not pay agent commissions.
Where we buy houses facing foreclosure
We buy houses across New Orleans and Orleans Parish, Metairie and the rest of Jefferson Parish, and the Northshore in St. Tammany Parish. If you are worried about a sale date on the West Bank, read our guide to the Jefferson Parish sheriff sale in Gretna.
Questions homeowners ask us about foreclosure
Can I still sell my house after the foreclosure has been filed?
In many cases, yes. Until the sheriff sale happens, the house is still yours, and a sale that closes first pays the lender from the proceeds. The payoff amount and the sale date come from your lender and the sheriff, so ask for both in writing.
Will selling the house stop the foreclosure?
If the sale closes and the loan is paid off before the sheriff sale, the lender has no reason to go forward. Whether there is enough time and enough equity depends on your payoff, the sale date and the title, which is why we look at your numbers before making any offer.
What if I owe more than the house is worth?
Then a regular cash sale may not cover the loan. A short sale, a loan modification or a deed in lieu of foreclosure may fit better, and each of those needs your lender’s approval. We will tell you plainly if we are not the right fit.
Do I have to fix anything or clean the house out?
No. We buy houses as-is, whether you are still living there or it is already empty. Take what you want to keep, and we can talk through what is left before you sign anything.
Who should I talk to besides a buyer?
Call your loan servicer about a repayment plan or modification, and consider a free HUD-approved housing counselor. A Louisiana attorney can explain defenses and bankruptcy options. Talking to us does not stop you from doing any of that.
Is there a cost or obligation to get an offer?
No. The written cash offer is free and there is no obligation. You can compare it with your other options and share it with your attorney or counselor before you decide.
Talk with a local family business
Bertucci Investment Group is owned by Andrew Rodriguez and Tony Bertucci, and our office is at 128 Colby St in Metairie. Call (504) 920-4747 or request a written cash offer. If you only want to understand your options, call anyway. There is no pressure and no obligation.