Louisiana Foreclosure Law Summary

Transcript

Louisiana Foreclosure Law Page 1 of 1 United States Foreclosure Laws Home foreclosure laws home page March 31, 2011 Louisiana Foreclosure Law Stop Louisiana Foreclosure Glossary common foreclosure terminology Disclaimer important legal disclaimer Link To Us link to foreclosure laws Copy Us copy foreclosure laws content Quick Facts - Judicial Foreclosure Available: Yes - Non-Judicial Foreclosure Available: No - Primary Security Instruments: Mortgage - Timeline: Typically 60 days Foreclosure News latest foreclosure news and updates Need immediate foreclosure assistance? Get Help Now - Right of Redemption: No - Deficiency Judgments Allowed: Yes In 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. More information on Louisiana foreclosure laws. Copyright Home Glossary Disclaimer Link To Us Copy Us Foreclosure News © All right reserved Contact Webmaster | Web Design and Hosting http://www.foreclosurelaw.org/Louisiana_Foreclosure_Law.htm 3/31/2011