- 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.
