- 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.
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.
