Luckily, there are ways to get out of it. A foreclosure notice doesn’t have to be a death sentence for your investment. You can still refinance your loan or even sell your house fast in New Orleans, LA. So what can you do then?
To help you out, we compiled a quick list of FAQs so you can make informed decisions on the foreclosure of your New Orleans home.
How does foreclosure work in New Orleans, LA and why should you avoid it?
To put it simply, foreclosure is the legal process by which lenders seize the property of borrowers who are unable to meet their payment obligations. The lenders will then sell the New Orleans property as a means to settle the balance of the loan—leaving nothing for the borrowers. Moreover, missed mortgage payments will also appear on the borrower’s credit report for seven years. Here are a several reasons why this situation can be detrimental to the borrower:
- Your purchasing power will be harmed by your tarnished credit report
- You will have a hard time finding a new job or new property
- You will lose the downpayment you placed on the foreclosed New Orleans property
- You will not profit from the improvements that you made to increase the value of the property
Why do you need to consult with experts on the foreclosure of your New Orleans home?
Since this entire process involves legal matters, it is highly advised that you seek the advice of experts. Before you take matters into your own hands, be mindful of the following things:
Errors can cost you
A simple mistake with the authorities can cost you time, money, and even the property itself. Furthermore, a bigger mistake can lead to an investigation for fraud.
Experts can negotiate better
An attorney in New Orleans would know how to advocate for you. Mortgage companies can simply reject any proposal that you raise—in contrast to if an attorney raised it for you. An attorney would also be able to present your case better to the court.
How to get out of foreclosure in New Orleans, LA?
There are actually a couple of routes that you can take in order to avoid the foreclosure of your New Orleans home. All of the time, energy, and money that you put into your house doesn’t have to go to waste! Here are some of the things that you can do:
Loan modification
A route that most people opt for is to refinance their New Orleans loan. This approach involves working together with the bank that’s holding the mortgage, discussing your situation with them, and ensuring that you will no longer miss any mortgage payments.
Turn your New Orleans property into a rental
If you have the time and resources to relocate, you can also rent out the property. Once you’ve gone through the lengthy process of finding a tenant, you can then start making money out of the property instead.
Sell the New Orleans property
Another convenient way to avoid foreclosure is by selling the property. If time is not an issue and the house is in good condition, you can list with a realtor and spend some time on the real estate market. However, not everyone can afford to wait. If you need to sell your house fast in New Orleans, LA, you can seek the help of a cash buyer.
Need to learn more?
The time and money you invested into your home doesn’t have to be lost just because of a foreclosure notice. With Albatross Home Buyers, you can sell your house in no time and avoid foreclosure.
We buy houses in New Orleans, LA in absolutely any condition! You don’t have to worry about squeezing in renovations or working with real estate agents. We’ll buy your property for a fair cash offer!
Foreclosure is a tough problem to solve, but we at Albatross Home Buyers can provide the solution for that! Give us a call or answer our form so we can get you started on that fair cash offer!