Louisiana Foreclosure Law
Stop Louisiana Foreclosure
- 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 Louisiana, lenders may foreclose on a mortgage in default by
using the judicial foreclosure process.
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.
More information on Louisiana foreclosure laws.