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Louisiana's foreclosure proceedings are handled through the courts. The
typical timeline for a foreclosure is 6-9 months.
There are two types of court foreclosure processes in Louisiana: executory
and ordinary. The ordinary process is more extensive and costly, and it works more like a
lawsuit. This foreclosure process usually lasts about nine months. The executory process occurs when a lender uses a mortgage that includes an authentic act that imparts a confession of judgment in which the borrower accepts the obligations under the mortgage. This type of
foreclosure process moves more quickly and easily, and the ideal timeline is approximately six months. The lender is not required by state law to send any notification to the borrower before beginning the foreclosure process; however, the deed of trust or mortgage may include such a requirement.
Either way, once the petition is filed, the borrower is served with a demand
for the default amount. If the borrower does not provide the amount within
three days, the court orders a writ of seizure and sale, and the clerk delivers
it to the sheriff.
Notice of Sale / Auction
The borrower is personally served with the notice of foreclosure sale by the
sheriff. The notice of sale is also published two times in a newspaper in the
parish where the property is located. The sheriff conducts the sale, and
anyone may bid including the borrower. The winning bidder must pay the
sale price in cash on the day of the sale, or in some cases, within 30 days of
the sale if a 10 percent deposit is made. The sheriff then issues a deed to
the winning bidder. There are no redemption rights for the borrower in Louisiana.
Redemption Period: 3 years
Property that is considered blighted or abandoned:
La. C.C. art. 3473. Ownership and other real rights in immovable may be
acquired by the prescription of ten years.
By pleading prescription, the claimant has the burden of proving the four
requisites for ten years’ acquisitive prescription:
(1) possession for ten
(2) good faith;
(3) just title; and
(4) a thing susceptible of acquisition by prescription.