Buying a House that is in foreclosure process

[Aaron Hearne]

There is a house that was on the sheriff sale list but got pulled. It is in foreclosure. I know the Owner of the house and she was pit in a nursing home and cant pay her mortgage. How do i buy it from them and what is the process

[Doug McRae]

Christopher Phillips you are not entirely correct. In Louisiana the homeowner has no way to retrieve the property AFTER the home has been through the auction. He said the property was pulled before the auction could take place. They could still work out an agreement with the mortgage company if you could come up with satisfactory terms but you would have to make the loan current.

Here is an excerpt of the law:

Right to Reinstate Before the Foreclosure Sale in Louisiana

“Reinstating” is when you catch up on the missed loan payments (plus fees and costs) in order to stop a foreclosure. (Learn more about reinstatement to avoid foreclosure.)
Louisiana law does not give the borrower the right to reinstate the mortgage loan before the sale. However, the terms of the mortgage contract may permit reinstatement or the foreclosing party may agree to let the borrower cure the default and reinstate.