Below are the laws pertaining to home foreclosure in the state of Louisiana
Quick Facts
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: No
- Primary Security Instruments: Mortgage
- Timeline: Typically 60 days
- Right of Redemption: No
- Deficiency Judgments Allowed: Yes
In the state of Louisiana, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.
Judicial Foreclosure:
There are two types of judicial foreclosure proceedings in Louisiana, executory and ordinary process. The executory process takes place when the lender uses a mortgage that includes an "authentic act
that imparts a confession of judgment", as provided in the Louisiana statutes. Essentially, this means the borrower signed and acknowledged the obligations of the mortgage in the presence of a notary
public and two witnesses. This type of mortgage makes the foreclosure process easier for the lender because once the suit has been filed and the original note and a certified copy of the mortgage has
been provided, the court will issue an order for the process to begin.
Once ordered, the borrower must be then be served with a demand for the delinquent payments. The borrower has three (3) days to provide the delinquent payments or the court will order a writ of
seizure and sale and the property will be sold after proper notice has been advertised for thirty (30) days.
Lenders may also sue to obtain a deficiency judgment, but buyers have no rights of redemption.
Foreclosure Summary copyright, © ForeclosureLaw.org
For more information on foreclosure laws in other states, please read Stopping A Foreclosure On A
Home
Check with your state for the most current information on home foreclosure laws.
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