Legal Question in Credit and Debt Law in Louisiana

If the bank (they are the creditor, by the way--you are the debtor) has a Judgment against you, they may seize your home to pay off the Judgment. If you qualify for a bankruptcy, you can file bankruptcy and keep your home under the homestead exemption under bankruptcy law (in 99 out of 100 cases). If you do not qualify for a bankruptcy, you should contact the creditor's attorney and work out a payment plan. Most collection attorneys are happy to work out a payment plan. They only want the debt paid. They are not vindictive. They won't move to seize your property if you are making real strides to pay off the debt.

All of this assumes that the debt is valid, the bank has obtained a Judgment against you, and that the appeal delays have already run (meaning you have no right of appeal anymore).

In the end, your options are to talk to an attorney in person (either a bankruptcy attorney or an appeallate attorney in your area), or work out a payment plan. Don't just do nothing, as the creditor will likely begin seizing your property.