AVOID FORECLOSURE NEW ORLEANS
Stop foreclosure in New Orleans fast! know your options to avoid losing everything
Going through foreclosure is one of the toughest things a person can face. Not only do you lose your home and all of the equity you’ve built up over the years, but foreclosure can also take a serious, longterm toll on your credit too. If you’re facing impending foreclosure in New Orleans or elsewhere in Louisiana and want to avoid it, read more to learn about property solutions to stop foreclosure fast.
Hope Is Here
Unfortunately, many people who find themselves in the serious and potentially disastrous situation of nearly losing their house believe there are no options available to them besides (a) letting their property fall into foreclosure, thereby losing all of their equity along with a taking a huge, lasting hit to their credit, or (b) selling quickly in a short sale. Fortunately, if you’re facing the possibility of foreclosure, all hope is not lost. There are other options available to you.
At NOLA Wholesale Properties, we specialize in providing alternative property solutions, offering our advice and expertise in real estate and foreclosures to help you understand all the options available to you during the pre-foreclosure process.
We work with homeowners throughout the New Orleans area and across Louisiana to help them do everything possible to avoid losing everything to the bank or other lenders. In nearly every situation, there are a multitude of options available that don’t include the worst case scenario, from negotiating with your lender to selling your house quickly to a cash buyer like NWP. Whatever route you choose, we are ready and willing to help you at any point in the pre-foreclosure process.
How to Avoid Foreclosure New Orleans
Stopping foreclosure proceedings in Louisiana can be challenging, so it is best to avoid foreclosure right from the start. Here are a few tips on foreclosure prevention.
Make Mortgage Payments on Time
It may go without saying, but the best way to avoid foreclosure is to pay off any past due amounts and bring the mortgage back into good standing. The problem, of course, is that most homeowners in pre-foreclosure are unable to do this, which is how they’ve often found themselves in the situation to begin with.
Understand Your Mortgage Rights
Knowing your mortgage rights is essential to foreclosure prevention. Familiarize yourself with the terms of your loan, including the conditions under which a foreclosure notice can be issued by your lender. Being well-informed will motivate you to address any missed payments promptly and explore potential solutions.
Communicate with Your Lender ASAP
If you find yourself struggling to make mortgage payments, don’t hesitate to communicate your financial difficulties with your lender as soon as possible. Many lenders are willing to work with borrowers facing hardship and may offer alternatives to foreclosure, such as loan modification or forbearance plans.
Explore Loan Modification
Loan modification is a viable option for homeowners experiencing financial hardship. It involves renegotiating the terms of your mortgage to make payments more manageable. Loan modifications can lead to lower interest rates, extended loan terms, or even a reduction in the principal amount owed.
Seek Foreclosure Avoidance Counseling
Foreclosure avoidance counseling is an excellent resource for homeowners facing financial difficulties. Working with a certified housing counselor can provide valuable guidance on foreclosure prevention options and assist you in navigating the complexities of the foreclosure process.
Evaluate Other Financial Assets
In times of financial hardship, consider tapping into other financial assets, such as savings or non-retirement investments, to cover mortgage payments. While this may not be a sustainable long-term solution, it can provide temporary relief and buy you time to explore other foreclosure prevention options.
Look Into Government Programs
There are several government programs designed to help homeowners facing foreclosure. These programs may include the Home Affordable Modification Program (HAMP) or the Home Affordable Refinance Program (HARP). Research eligibility requirements and reach out to your mortgage servicer or a housing counselor for assistance.
How to Stop Foreclosure in New Orleans, Louisiana
Facing the possibility of foreclosure can be an overwhelming and highly stressful experience for homeowners in New Orleans. However, it’s essential to know that there are several proactive steps you can take to prevent foreclosure and protect yourself from financial ruin. Let’s explore some effective strategies to stop foreclosure in New Orleans, allowing you to safeguard your investment and your financial future.
Sell Your House to a Cash Buyer
If foreclosure is a looming possibility, then selling your house to a cash buyer can be a fast way to sell your home quickly and start rebuildinng your life. Cash buyers, such as NOLA Wholesale Properties, can give you fair cash offers and close quickly, allowing you to avoid the lengthy foreclosure process and protect your credit. If you’re in a situation where your home is facing foreclosure, then it is absolutely essential to act quickly because time is literally of the essence. Finding a reliable cash buyer can give you the lifeline you need to leave the situation with money in your pocket and secure your financial future.
Consider a Loan Reinstatement
Loan reinstatement is a process that involves restoring your mortgage by paying the monthly payments you owe. By bringing your mortgage up-to-date, you can continue making regular monthly payments and prevent the foreclosure process from progressing. It’s essential to act quickly to explore this option and discuss it with your lender.
Explore Bankruptcy Options
Filing for bankruptcy, if you are eligible, can be a powerful tool to stop foreclosure in New Orleans. When you file for bankruptcy, an “automatic stay” goes into effect, preventing the lender from foreclosing on your property or collecting missed payments. Depending on your circumstances, you may consider either Chapter 13 or Chapter 7 bankruptcy to address your financial challenges.
- Chapter 13 bankruptcy allows you to restructure your unsecured debt through a repayment plan, giving you three to five years to catch up on missed payments and keep your home.
- Chapter 7 bankruptcy can delay foreclosure proceedings, providing you with time to plan for the future and potentially explore other foreclosure prevention options.
Ask for a Loan Modification
Asking your lender for a loan modification is a common step taken by many homeowners in New Orleans when facing foreclosure. While it’s ideal to apply for a loan modification early on, you can still explore this option even if time is running out. A successful loan modification can delay the foreclosure process, as lenders are prohibited from dual tracking under federal law.
Refinance with a Hard Money Loan
If you are considered a high-risk borrower and your mortgage servicer or lender is unwilling to provide a mortgage modification, you may consider refinancing with a hard money loan from private lenders. However, keep in mind that hard money loans typically come with high-interest rates, so it’s essential to carefully evaluate this option’s long-term implications.
Selling a Home in Pre-Foreclosure
To learn how to best avoid foreclosure, it’s important to first understand that the foreclosure process itself is divided into two parts: (1) pre-foreclosure and (2) foreclosure.
Pre-foreclosure is the period during which the lender has started to foreclose on a property. which usually begins after 120 days of delinquent payments. Foreclosure, on the other hand, is when the lender has actually taken back a property due to non-payment. The key takeaway from all of this is that you can sell your home at any time during pre-foreclosure.
Now, with the basics of the foreclosure process and the pre foreclosure stage covered, let’s move on to a look at a few key questions to ask when considering the prospect of foreclosure, along with the pros and cons of selling your home in pre-foreclosure.
How much time do I have to sell my house before I lose it to foreclosure?
Federal law states that you must be at least 120 days behind on mortgage payments before your lender can begin foreclosure proceedings.
This legislative lifeline gives you extra time to pursue alternatives to losing your house, damaging your credit, and suffering from all of the other negatives that occur with the foreclosure process.
Can I sell my house fast and avoid foreclosure?
Absolutely. Selling your New Orleans house fast for cash too avoid foreclosure is exactly why we’re here. We are local home buyers ready to purchase your property before it gets lost to the foreclosure process.
The reality is, the traditional way of selling your house takes a ton of time, effort, and expense, any of which may prove to be too much for homeowners facing foreclosure. Homeowners in this situation can’t afford a minute or a dollar to lose as the date of their property’s foreclosure continues to draw ever closer. They need to sell their house to someone who can close fast and buy the property as-is, typically we buy houses companies like NOLA Wholesale Properties.
What are the advantages of selling my home before foreclosure?
Selling your home during pre-foreclosure comes with a number of advantages. Here are a few:
- Selling your house before foreclosure prevents further damage to your credit.
- Another advantage to selling your house pre-foreclosure is that you get to set the terms of your move-out
- Finally, selling before foreclosure means that you don’t lose everything to the mortgage company. You can come out from what would otherwise be a devastating financial blow by getting some cash for your property to help finance your future.
Of course, pre-foreclosure home sales also include obvious negatives like losing your house, but we do our best to make it as easy, painless, and profitable as possible for you so that you can move out of your house and on with your life.
Here’s what you need to do to sell your foreclosured house
If you’re looking to sell your foreclosed home, here’s what you need to do:
- Reach out to NOLA Wholesale Properties by giving us a call at (504) 882-3477.
- Arrange a home visit with one of our property specialists, with no obligation on your part.
- Inform your lender about your intention to sell the house.
- Evaluate and accept our fair cash offer from the buyer.
- Complete the closing process promptly to repay the bank before your house goes to auction. We specialize in fast closings, sometimes within just 3 weeks.
While these may not be the ideal circumstances for selling your house, taking quick action can help you avoid the negative consequences of foreclosure.
When your house is sold by the bank, you end up with nothing. No house, no money, and the equity you’ve already invested is lost. Additionally, your credit will suffer a significant blow.
Selling a foreclosed home provides an opportunity to steer clear of all these repercussions. Depending on your situation, you might even walk away with some cash in your pocket.
Begin planning your move now
Whenn you work with a cash home buyer like NOLA Wholesale Properties, we close quickly, often in as little as 7 days. That said, it is very important that you be ready, too! Start planning your move today, figuring out things such as moving logistics and where you plan on going next. If you plan on renting for awhile after selling your house, then make sure you have your security deposit and first and last month’s rent ready. Also ensure that you can pass a background check.
We Buy New Orleans Houses Facing Foreclosure – Sell Your House Fast Today!
Interested in selling your New Orleans area home and stopping foreclosure? Whether we buy your house from you or not, we relish our role as mentors to our community and look forward to helping you find a way to move forward and avoid the negative impacts of foreclosure on your life.
Call NOLA Wholesale Properties at (504) 882-3477 or email us at the lin below and get obligation-free advice on solving your property problems today!
