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Louisiana Petition for Deficiency Judgment

Louisiana Deficiency Judgment

Name: Louisiana Petition for Deficiency Judgment
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.6 (357 reviews)

Category:

Louisiana Civil Actions - Bank Loans

State:

Louisiana

Control #:

LA-5188

Format:

Instant download

Description Louisiana Foreclosure Deficiency Laws

This example concerns defendants who have defaulted on loan payments, resulting in the foreclosure, seizure and sale of certain property of the defendants. Following the sale, a net unpaid balance due to petitioner remains, and petitioner requests that defendants be ordered to pay the full amount owing, along with interest, attorney’s fees and court costs. Petitioner further requests general and equitable relief. In addition, petitioner requests and is granted the appointment of an attorney to represent an absentee defendant in the matter.

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FAQ

To get the deficiency judgment, the bank has to file an application with the court within three months of the foreclosure sale. The judge will then hold a fair value hearing to determine the property's value.

Even after a deficiency judgment is entered, your lender still may work out an agreeable payment plan with you. You can try to negotiate a payment by calling the lender or the lender's attorney. Almost every lender's attorney will take your call, and at least listen to payment offers that you make.

Also, it's possible to negotiate a reduced deficiency or pay a lump-sum settlement regarding any remaining debt associated with the transaction. Be aware that you might have tax consequences if the lender forgives all or some of the deficiency. You might also consider filing for bankruptcy.

A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full.A deficiency judgment is a court judgment that is a public record of the amount owed and by whom.

1Declaring Bankruptcy.2Negotiating a Waiver of the Lender's Right to Seek a Deficiency Judgment.3Making a Settlement Offer.4Taking the Chance that Your Lender Won't Actually Sue You for the Deficiency.

If your lender sues you to recover the deficiency and wins, the court will issue a judgment ordering you to pay off the deficiency. If you ignore this court order, your lender can use the deficiency judgment to place liens on other property that you own, garnish your wages, or freeze your bank accounts.

There is no anti-deficiency law in Louisiana; deficiency judgments are allowed in the state. Ordinary judicial foreclosures.

Most states forgive the taxes, said Annapolis bankruptcy lawyer Tate Russack. States have different statutes of limitation on how long they allow lenders to pursue deficiency judgments, ranging from 30 days to 20 years.

Learn how foreclosures in Louisiana work. Ordinary judicial foreclosures are also possible in Louisiana, but not as common. Because the most prevalent type of foreclosure process in the state is an executory proceeding, this article focuses on that process.

Louisiana Deficiency Judgment

Description Louisiana Foreclosure Deficiency Laws

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How to fill out Louisiana Petition For Deficiency Judgment?

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FAQ

How long does a lender have to file for a deficiency judgment?

How do you negotiate a deficiency Judgement?

Can a deficiency Judgement be negotiated?

What does no deficiency Judgement mean?

How Can I Avoid a Deficiency Judgment Following a Short Sale?

What happens after a deficiency judgment?

Does Louisiana allow deficiency judgments?

How long does a deficiency judgments last?

Is Louisiana a non judicial foreclosure state?

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