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.
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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.
Learn how to Repair Credit After A Foreclosure