4. What Homeowners in Lafayette LA Can Expect During the Foreclosure Process

If you’re concerned about your property going into foreclosure due to circumstances beyond your control, the optimum scenario would be to work with your lender for a resolution before things go any further. However, going through the foreclosure process can be made easier when homeowners understand what lies ahead, so read on as we explore what homeowners in Lafayette LA can expect during the foreclosure process. 


Lenders understand that homeowners in Lafayette LA may experience temporary financial difficulties and may offer a grace period to help them get back on track. However, if you fall behind on your mortgage payments and don’t see any options for catching up, the lender may begin the foreclosure process. During this time, the lender will typically attempt to contact you in various ways to try to work out a payment arrangement to avoid foreclosure. This may include phone calls, letters, and even in-person visits. It’s important to understand that the sooner you address the situation and communicate with the lender, the more options you may have to avoid foreclosure.

Notice of Default

Once a homeowner in Lafayette LA falls behind on their mortgage payments, the lender may issue a notice of default. This notice is typically sent to the homeowner and is the first formal step in the foreclosure process. It serves as a formal notification that the borrower has failed to make payments and that the lender plans to foreclose on the property unless the borrower takes action to bring the mortgage current.

The notice of default typically gives the homeowner a certain amount of time, usually 90 days, to catch up on the missed payments and pay any fees associated with the foreclosure process. This is known as the “cure period,” and during this time, the homeowner may be able to work out a payment plan with the lender or sell the property to avoid foreclosure. If the homeowner is unable to bring the mortgage current within the cure period, the lender may proceed with the foreclosure process.

Mortgage Reinstatement

If a homeowner in Lafayette LA has been notified of foreclosure, but they are able to pay the overdue mortgage payments, penalties and interest, they can work with the lender to revive their mortgage and avoid the foreclosure process. This process is called “loan reinstatement” and it allows the homeowner to bring their mortgage current, and then continue to make regular payments as usual.

Notice of Sale

Once the cure period, typically 90 days, has passed after the notice of default, the next step in the foreclosure process for homeowners in Lafayette LA is the notice of sale. This notice is typically sent to the homeowner and other interested parties and is a formal notification that the property will be sold at a public auction. The auction is typically conducted by a trustee, who is appointed by the lender and is responsible for overseeing the sale of the property. The notice of sale typically includes the date, time, and location of the auction, and it must be advertised in a newspaper of general circulation in the area at least 21 days before the sale date.


During the foreclosure process, the final step for homeowners in Lafayette LA is the auction, where the winning bidder must pay for the property immediately. Should the home not sell at auction, it will become what is known as an REO or real estate owned property, converting back to the lender. If you’ve yet to vacate the premises, you can expect the buyer to serve an eviction. With an REO, the lender may attempt to assist you with moving, offering cash for keys to attain possession. 

Another Option

Homeowners in Lafayette LA facing foreclosure have the option of selling their property directly to local professional buyers such as those at Cedar Home Buyers. These buyers will provide an estimate of the expenses and potential profits associated with listing the property on the Lafayette LA real estate market. They will also provide detailed information about the offer to purchase the home directly, including the specific numbers used to make the offer. They will also offer a guaranteed closing date, often within a few days. The goal of Cedar Home Buyers is to provide homeowners with the necessary information to make an informed decision about their situation and also to ensure that homeowners feel good about the deal long after the closing as they are part of the community living and working alongside them.

Cedar Home Buyers

Selling directly to Cedar Home Buyers can turn everything around for homeowners in Lafayette LA facing foreclosure; our goal is to save you time and money. A direct sale means no commissions, closing costs, or hidden fees; our policy at Cedar Home Buyers is complete transparency and no pressure. And, to save you even more money, at Cedar Home Buyers, we buy houses as-is for cash in Lafayette LA, meaning you can keep your wallet in your pocket and forget about prepping, repairs or cleaning. You can even pick the date for your closing with a direct sale to a professional buyer from Cedar Home Buyers, talk to us about the arrangements that would work best for you. Call Cedar Home Buyers at (337) 420-0375.

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