Louisiana Foreclosure is Judicial.
Louisiana foreclosure law states that a suit must be filed seeking a judgment for the debt due and recognizing the mortgage or security interest. If an answer is not timely filed, a default judgment is possible. If a default judgment cannot be obtained, a motion for summary judgment is frequently sought. Once a final judgment is obtained, the property can be sold. The property is sold in a sheriff’s sale.
Louisiana foreclosure law states that a deposit of 10 percent of the sale price is required down, the balance paid within 30 days or the property is resold and the successful bidder looses the deposit.
Louisiana Foreclosure Time Frame
The time frame to complete a Louisiana foreclosure varies from case to case and from court to court. In general, one can expect a Louisiana foreclosure to be completed in three to five months unless delayed by events that cannot be controlled, such as improper documentation, service of process problems, bankruptcy, injunction, and the like.
Get more information on foreclosures by ordering our best-selling Foreclosure eBooks