Louisiana Foreclosure Law

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Louisiana Foreclosure Laws

Typical Louisiana Foreclosure Time Frame – Typical Louisiana foreclosure time is 60 days.

Judicial Foreclosure – Yes

Non-Judicial Foreclosure – No

Types of Security Instruments – Mortgage

Right of Redemption Period – No

Louisiana foreclosure laws are quite swift and tend to favor lenders rather than attempting to allow borrowers an opportunity to save their home.  Under Louisiana foreclosure laws there are two types of judicial foreclosures possible, while no non-judicial foreclosure opportunities exist. 

According to Louisiana foreclosure law, the first judicial method involves the lender filing a suit against the borrowers.  This is required in order to obtain an Order to Foreclose from the courts and is a requirement for most lenders to follow.

The second judicial method involves the mortgage contract containing a stipulation or a clause that allows for the executory process.  This means that the contract includes a “Confession of Judgment.”  In Louisiana, the Confession of Judgment is the same as a Power of Sale clause in most other states.  Using the Confession of Judgment the lender is able to apply to the courts and be issued an Order to Foreclose.  When this occurs the courts issue a demand to the borrower for the amount delinquent and the borrower has three days to correct the default amount.

If the event that the borrower is unable or fails to correct the delinquent balance the court issues a Writ of Seizure and Sale. 

The sale is required to be advertised for a minimum of 30 days before being sold at a public auction to the highest bidder.  The lender is allowed to sue the borrower for a deficiency judgment and the borrower has no rights to redemption at all.

The swift action of the Louisiana courts makes the foreclosure process a very quick and speedy process compared to other parts of the country.

For more information on Louisiana foreclosure laws click here.

 

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The information found on this site is not intended to be legal advice. The foreclosure process is highly case specific and laws vary throughout the United States. Please seek professional legal counsel before entering into any contract regarding any real property or stopping the foreclosure on any real property. By using this site you consent to the terms posted here.