Having failed to make mortgage payments on it for more than five years, former Jefferson Parish President Aaron Broussard and his ex-wife are facing foreclosure on a home they own in Kenner.
Broussard and Karen Parker took on a $417,000 mortgage in June 2007 for a three-bedroom, four-bath home at the western end of West Esplanade Avenue, where it meets the canal levee at the edge of the parish. Court records show they owe $405,000.
They have missed every payment since shortly before Broussard resigned as parish president in early 2010, in the middle of a federal corruption investigation that ultimately landed him behind bars, records show.
The home, now assessed at more than $595,000, has been put up for sale a few times without attracting a buyer.
It sits in a relatively upscale neighborhood of well-kept homes and manicured lawns. However, it is showing some signs of blight, with some decorative shutters rotted away and an outside electrical box that appears to have been disconnected long ago.
It’s unclear why the foreclosure has not happened sooner, but the mortgage has passed from one entity to another in the years since Broussard ran into legal trouble.
It originally was held by Countrywide Financial Corp., which was bought by Bank of America Corp. in 2008. A Bank of America subsidiary moved to foreclose on the property in 2010 but then withdrew the case. Finally, the mortgage was transferred to Fannie Mae, which initiated foreclosure in 24th Judicial District Court in Gretna this week. The case was assigned to Judge Scott Schlegel.
If Broussard and Parker are unable to pay, it will mean a sheriff’s auction for the house.
An attorney representing Fannie Mae did not respond to a message Tuesday.
Trenton Grand, an attorney who often represents property owners in foreclosure proceedings but isn’t involved in this case, said it’s unusual for mortgage companies to wait more than five years before foreclosing on a property.
But he said it’s possible for properties to “fall through the cracks” and that it would have been more common during the financial crisis that devastated companies like Countrywide and Bank of America in the years leading up to Broussard’s imprisonment.
Broussard was sentenced to nearly four years in federal prison after admitting in 2012 that he accepted $66,000 in bribes from a parish contractor and stole $28,000 by arranging a no-show job for Parker.
Broussard, who was parish president for six years and divorced Parker in 2009, now lives at a New Orleans halfway house ahead of a Sept. 5 scheduled release date.
He is working for a group that organizes Bible study sessions and prayer meals, frequently headlined by local sports and political figures.