You have several rights in the foreclosure process but only someone who with legal knowledge and experience in the area can fully advise you on your particular situation. In some cases it's better to walk away from the property and just let the foreclosure go forward. In other cases the bank has done something wrong to cause the foreclosure and you should fight like crazy to preserve your rights. Find an attorney experienced in foreclosures and talk to them about your case before you decide how to proceed, but hurry waiting only waives your rights.
Decide if you want an appraisal
Under Louisiana Law if a home is sold at a sheriff's auction without an appraisal the mortgage is completely paid off, no matter what the home sold for. However, if it is appraised then a home must sell for at least two-thirds of its appraised value. So, if you have equity in the home you can protect yourself by getting it appraised but be careful if you owe more than your home is worth.
File a Request for Preliminary Injunction
This is best done weeks before the sale date but can be done even in the last week. Foreclosure of a home is a complicated legal process and very often you can delay the sale for three to six months by simply disputing the sale and asserting your defenses. It is very important to raise your defenses and procedural objections in a Preliminary Injunction because if you don't, you waive all of your rights.
If you are experiencing a temporary or one time financial setback you might want to consider Bankruptcy. Bankruptcy can protect your house while you get your finances back in order. It will also help you to clear your other debts.
Even after the sale goes through, you can sue to void the sale or seek money damages
If you raise the procedural objections and lose the sale may continue, this does not mean you don't have any rights. If the bank misrepresented facts or accounting in the sale or violated Fair Debt Collection laws you might have a right to money for your damages. Talk to an attorney familiar with collection law about a possible suit.
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