Foreclosure Consequences - Consequences of Foreclosure

Foreclosure Consequences in LOUISIANA: LA

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Quick Facts

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.

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