What are the foreclosure laws in Louisiana?
The laws for foreclosure in Louisiana can be confusing.
Summary:
| Judicial Foreclosure | Yes |
| Non-Judicial Foreclosure | No |
| Security Instruments | Mortgage |
| Right of Redemption | No |
| Deficiency Judgments | Yes |
| Time Frame | Usually 60 days |
Judicial foreclosure in Louisiana takes two forms. First is the typical process in which the lender must sue the borrower in court and obtain an order to foreclose.
The second is called the executory process in which the mortgage document contains a “confession of judgment” which can then be executed in the event of default. The court then issues an order to foreclose, issues a demand for payment of the delinquent amount and gives the borrower three days to cure the default. If the borrower fails to do so, the court then issues a writ of seizure and sale.
The sale must be advertised for 30 days, and then the property may be sold at auction. The lender may then sue again for any deficiency balance, and the borrower has no right of redemption.
