What causes foreclosure in Louisiana?
It could happen to anyone in this challenging economy. Unexpected expenses like medical bills are often the culprit. Sometimes people need to move but can’t sell because they owe more than the home is currently worth in this down market. Also, the ongoing deterioration of the job market has meant more homeowners are falling behind in their payments due to unemployment. Then there are the Alt-A’s (sub-prime mortgages) and Option ARMs that are resetting at higher rates while incomes remain stagnant and home values plunge. However they got there, countless Louisianans now find themselves unable to make their monthly mortgage payments as promised and therefore are facing the threat of losing their homes or investment properties.
