Just Information
04-27-2005, 01:46 AM
Summary
Judicial Foreclosure Available: Yes
NonJudicial 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.
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.
Judicial Foreclosure Available: Yes
NonJudicial 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.
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.