Louisiana Foreclosure Process and Laws

 


Quick Facts About the Foreclosure Process in Louisiana

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

The judicial foreclosure process is the only method that lenders can use to foreclose a mortgage in default in the State of Louisiana.

Judicial Foreclosure
The judicial foreclosure process in Louisiana has two types, an executory and ordinary process.

The executory process is used when the lender has a mortgage that includes “authentic act that imparts a confession of judgment.” This means that the borrower acknowledged and agreed with the obligations of the mortgage in the presence of a notary public and two witnesses. This makes the foreclosure process easier and faster as the lender will only have to present the original note and a certified copy of the mortgage and the foreclosure process can begin.

In this process, a notice with the demand for the delinquent payments must be sent to the borrower. If he is unable to pay these within three days, the court will order a writ of seizure and the property can then be sold after being advertised for 30 days.

Lenders have the right to sue for a deficiency judgement, but buyers have no rights of redemption.

Foreclosure Avoidance Counseling

HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure. As part of President Obama’s comprehensive Homeowner Affordability and Stability Plan (HASP), you may be eligible for a special Making Home Affordable loan modification or refinance, to reduce your monthly payments and help you keep your home.

If you need help understanding the Making Home Affordable programs, you can use this search tool to find a counseling agency in your area that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your servicer.

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

New Orleans Field Office

Department of Housing and Urban Development
Hale Boggs Federal Building
500 Poydras Street, 9th Floor

New Orleans, LA 70130

Phone: (504) 671-3001
Email: LA_Webmanager@hud.gov
Fax: (504) 671-3751

Marvel Robertson
Field Office Director
Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Shreveport Field Office

Department of Housing and Urban Development
Shreveport Office Building
401 Edwards Street, Suite 1510
Shreveport, LA 71101-5513

Phone: (318) 226-7030

Email: LA_Webmanager@hud.gov
Fax: (318) 676-3506

Martha Sakre
Field Office Director

Office Hours: 7:45 a.m. to 4:30 p.m.
Monday through Friday