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There
is no Non-Judicial Foreclosure process in Louisiana , and the
original loan documents will not contain a “power of sale” clause,
pre-authorizing the lender to sell the property in the event
of a default. Judicial Foreclosure procedures in Louisiana can
take two forms.
The
first form requires the lender to sue the borrower on default
of the loan, and obtain a court order to foreclose on the property.
The
second form is called an executory process. This process requires
the original mortgage documents to contain a “confession of
judgment” clause, which can be executed if the borrower defaults
on the loan. The court issues an order to foreclose and issues
a demand for payment of the delinquent amount from the borrower.
The borrower has only three (3) to cure the default, and if
the borrower can not cure the default in the time given, the
court issues a writ of seizure and sale. |
Louisiana Foreclosure Law