Louisiana Foreclosure Laws

According to the foreclosure law in Louisiana, the proceedings of a foreclosure can only be conducted judicially. The normal time period for a Louisiana foreclosure can vary from 6-9 months.

Period of Pre-foreclosure

There are basically two types of Louisiana court foreclosure processes and they are ordinary and executory.

The ordinary Louisiana court foreclosure process is quite expensive and extensive. It can be compared to a lawsuit and hence it is time consuming. The normal foreclosure process or course of action can take as long as nine months.

On the other hand, the executory Louisiana court foreclosure process takes less time. In this process, the lender a clause in the mortgage that can initiate an act imparting a confession to the judgment through which the borrower will have to accept all the obligations mentioned in the mortgage.

The executory Louisiana court foreclosure process can be completed within six months. Under the executory process, the lender is not required to send any kind of sales notification to the borrower prior to initiating the process of foreclosure. Some mortgages and deeds of trust might include the fact that a lender has to send a sales notification to the borrower prior to the foreclosure sale.

Once the lender files a petition in the Louisiana courts, the borrower will be served a notice demanding the default amount within a specific time period. Upon receiving this notice, if the borrower is unable to pay the default amount within three days, then the Louisiana court will order a writ for seizure and sale of the property, which will be delivered by the clerk to the sheriff.

Auction Notice

It is the responsibility of the county sheriff to serve a notice of foreclosure sale to the borrower. The county sheriff also has to publish the foreclosure sale notice in any of the local newspapers twice and also post it in the local community parish.

The Louisiana foreclosure sale will be conducted by the sheriff it is an open to all auction. The bidder who wins will have to pay the price of the foreclosure property in cash and on the same day itself. In some special cases, the bidder is also allowed to pay the price within 30 days from the date of the closure of the sale. In such a case, the bidder will have to make a 10% advance deposit. Once all this is done, the county sheriff will issue a deed of sale to the bidder.

The Louisiana foreclosure laws don't give the borrower any redemption rights.

If you need more information about Louisiana foreclosure laws, you should contact a foreclosure lawyer, or contact us so we can recommend one for you.

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