Foreclosure can happen to anyone. Maybe payments fell behind, or unexpected situations have made it too hard to keep up. In New Orleans, facing foreclosure doesn’t mean you’re out of options. Selling your home before the bank takes it can protect your credit, stop stress, and make things go right for you and your family.
1. What Exactly Is Foreclosure?
Foreclosure is what happens when a lender (the bank) takes back a house because mortgage payments weren’t made. In Louisiana, it’s a judicial process—meaning the bank must go through court to move forward.
But if you act before it hits court or auction, you can avoid the worst parts.
2. Why Selling Before Foreclosure Makes Sense
Protect your credit score
A foreclosure stays on your credit report for up to seven years. That could make renting a house, getting a car loan, or buying a new home much harder. In fact it is going to make getting any sort of credit extended your way a challenge.
Preserve your equity
If you sell yourself, you keep more money rather than losing it in a discounted auction. Most people don’t know this but if your house goes to sheriff’s sale (gets sold at foreclosure auction) and the amount it sells for is more than what you owe, then you are supposed to get the difference. Many lenders don’t follow this rule though.
Keep control
You decide the sale terms—price, timeline, and details—not the lender. Of course there are other factors like what you owe and if a sheriff’s sale date has been set, but still there is a much greater amount of flexibility selling your house directly vs a foreclosure.
Avoid legal fees and uncertainty
Court and filing fees add up. Selling before foreclosure saves time AND money. This is actually one of the biggest kickers as far as getting a deal done, and why it’s important not to wait til the last minute. The banks will engage a foreclosure attorney to handle the foreclosure process. Once they do that the fee’s get out of hand quickly. You may be only 5-10k behind in payments but find yourself needing 30k to catch up because of penalties, interest and foreclosure legal fees. The bank is going to pass everything on to you, the borrower.
3. Your Options to Avoid Foreclosure
Here are the main ways homeowners can act early:
A) Talk to your lender
Some lenders offer:
· Loan modifications
· Forbearance or lowered payments
· Even accepting a short sale in certain cases
Being honest and proactive may open doors.
B) Short sale
If the home is worth less than owed, your bank might agree to a short sale. This means you sell the house for less so the lender gets paid without courtroom proceedings. These are less prevalent than they used to be, but they are still an option.
C) Deed-in-lieu of foreclosure
This voluntary transfer gives the house directly to the lender so foreclosure stops. It’s less damaging than a full foreclosure on your record. Back in the mortgage crisis of the 2000’s banks were offering cash for keys programs where they would pay people 2 or 3000 dollars to sign the deed over to the lender. The cash part really isn’t happening anymore but the deed in lieu option is still a really good option if available and you don’t plan on making up the back payments.
D) Sell to a cash buyer like us
This is the fastest and simplest way to avoid foreclosure—no repairs, no realtor fees, and you can close in as little as 7 days.
4. Selling to a Cash Home Buyer: How It Works
At NOLA Buys Houses, we’ve helped many New Orleans families avoid foreclosure—sometimes at the very last minute.
Step-by-step process:
1. Tell us about the house (via website or phone).
2. We evaluate it and make a fair cash offer.
3. You decide whether to accept or not—no obligation.
4. We close when you’re ready, often within a week.
You don’t need to clean, repair, or show the house. Just keep what you want, leave the rest. We handle the cleanup, paperwork, and closing costs…everything!
5. Real-Life Help & Community Giving
We care about more than just buying homes. We are a local house buying company and we care about the community. Every time we close a deal, we support local children in New Orleans through charitable programs—helping kids with school supplies, enrichment, and comfort during difficult times. Our goal is to give back and restore hope after stressful situations.
6. What You Should Do Now (Simple Checklist)
· ❑ Talk to your lender about alternatives like loan modification or short sale.
· ❑ Look into selling to a reputable local buyer—ask them how fast they can close.
· ❑ Collect all paperwork: mortgage statements, notices of default, etc. Ask someone to help if needed.
· ❑ Compare options: short sale, cash offer, loan help. Choose what fits your timeline.
· ❑ Act quickly—time matters. Foreclosure deadlines move fast in Louisiana.
7. FAQ: Your Questions Answered
Q: Can I sell even though my foreclosure process has started?
Yes! You can still sell before the sheriff’s sale/auction, stopping foreclosure before it’s final.
Q: Do I need to clean or repair the home?
Nope. With us, you can sell as-is—no repairs required.
Q: What about multiple homeowners or heirs?
That’s okay. We’ll help guide everyone through signing the paperwork so the process is smooth and fair.
8. Last Thoughts (Kid-Friendly Summary)
Facing foreclosure can feel scary. But remember this: you still have choices. Selling your house fast for cash in New Orleans can protect your credit and save your equity. You won’t have to fix or clean the house, and you won’t deal with court or public auctions.
More than 20 years of experience, local understanding, and heart means NOLA Buys Houses is here to help families get a fresh start—fast, fair, and stress-free. If you need help or want to explore your options, just give us a call.
NOLA Buys Houses
1132 Carondelet St, New Orleans, LA 70130
(504) 264-1407
We make selling your house fast simple, easy and stress-free—especially when you need help most.