Featuring a burgeoning array of Louisiana home foreclosures for sale, our ever-expanding range of Louisiana foreclosure listings are updated daily. Current housing trends in many of the states major cities indicate a decrease in sales prices overall, proving to be a good time to investigate our list of properties on offer.
Search through the best listings of foreclosures in Louisiana. We provide foreclosed homes and auctions in the major Louisiana cities. Choose a city and fing an excellent deal for you!
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New Orleans is a vibrant city known for its eclectic mix of cultures and personalities. Its varied flavor is a ...
Louisiana sports a population of approximately 4,533,372 people. The state's demographic boasts a notable French culture, largely due to its past heritage, with as much as 5 percent of the population fluent in the French language. This particular dialect can mostly be found in the states southern regions. The states geographic structure consists of three main areas including the East Gulf Coastal Plain, which is situated in the states east and comprised of marshlands and low flatlands, the Mississippi Alluvial Plain, featuring an intermittent chain of mountains and slopes, and the West Gulf Coastal Plain, containing long stretches of marshes and swamps.
The state's major cities are New Orleans (the state's largest city in terms of size and population), Lake Charles, Baton Rouge, Metairie and Shreveport. Unlike most other US states, Louisiana categorizes its regions as parishes, as opposed to counties. The most notable ones are Jefferson, Iberia, Calcasieu, Caddo and Lafayette. New Orleans demographics show that the median household income averages at $27,133, with the rate of married couples sitting at just under 40 percent of the city's population.
Louisiana's agriculture industry supports itself through a rich production of crops and livestock. The main products include sugar, cotton, soybeans, cattle, hog, and rice, along with dairy products such as chicken eggs. The state's manufacturing industry thrives on the chemical sector, producing fertilizers, paint, soaps and pharmaceutical chemicals. The processing of petroleum and coal also boasts a considerable impact on the industry, contributing the majority of profits within the manufacturing industry. The state is widely renowned for its commercial fishing sector, being one of the leaders in providing fish, along with its booming shrimp production.
The state's housing market points towards optimistic prospects for the coming months, proving to be a good time to invest in Louisiana foreclosures. Current median listing prices are sitting at approximately $164,900, a decrease in 2.9 percent from the preceding year. This trend stretches across cities such as New Orleans and Lake Charles, where similar statistics display prices within that range. Louisiana home foreclosures provide bargain deals at prices on a level relative to current averages, with some even lower.
In the state of Louisiana, judicial proceedings are the only means of pursuing a foreclosure. There are, however, two types of judicial foreclosure: "ordinary" and "executory". An ordinary foreclosure takes longer than an executory foreclosure, and is more closely related to the process of an actual lawsuit.
An executory foreclosure occurs when the mortgage in question contains "an authentic act that imparts a confession of judgment", called for under Louisiana statutes. Essentially, this means that when the borrower (homeowner) signed the mortgage agreement, he or she was in the presence of a notary public and two witnesses. This provision makes it easier for the court to rule against the homeowner in default, since it proves that the homeowner was in acknowledgement of the terms of the mortgage agreement upon signing and is aware of the consequences of default. Under state law, the lender is not required to inform the homeowner of the beginning of the foreclosure process, although individual mortgage agreements might include such a requirement.
Once the request for an executory foreclosure has been filed in court, the homeowner is given three days in which to pay off the default debt. If payment is not received within this time period, the court issues an order for the seizure and sale of the property in question.
A Notice of Sale must be published twice in a local newspaper in the weeks leading up to the foreclosure sale, and the homeowner must be personally informed of the sale by the Sheriff. The foreclosure sale must be scheduled for at least 30 days after the initial court ruling.
The Sheriff presides over the sale, which is conducted in the style of a public auction. The winning bidder must provide payment in cash immediately following the sale. In some cases the winning bidder is allowed 30 days in which to pay the full amount, provided a ten percent deposit is made immediately.
The original homeowner retains no right to redemption in the state of Louisiana.
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