Louisiana Request To Cancel Mortgage By Prescription

State:
Louisiana
Control #:
LA-SKU-0504
Format:
PDF
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Description

Request To Cancel Mortgage By Prescription Louisiana Request To Cancel Mortgage By Prescription (also known as a "Prescription Request") is a legal process in Louisiana that allows homeowners to have their mortgage debt canceled due to the passage of time. This process is also known as Usury Mortgage Cancellation, and is available to homeowners whose mortgage debt was created more than 10 years ago. The homeowner must make a formal request in the form of an affidavit to the lender, which must be made within one year of the date of the mortgage. The lender must respond within 30 days of receipt of the request, and if the lender does not respond, the mortgage debt is extinguished. The most common types of Louisiana Request To Cancel Mortgages By Prescription are: Usury Mortgage Cancellation, Statutory Cancellation of Mortgage, and Declaratory Judgment Cancellation of Mortgage.

Louisiana Request To Cancel Mortgage By Prescription (also known as a "Prescription Request") is a legal process in Louisiana that allows homeowners to have their mortgage debt canceled due to the passage of time. This process is also known as Usury Mortgage Cancellation, and is available to homeowners whose mortgage debt was created more than 10 years ago. The homeowner must make a formal request in the form of an affidavit to the lender, which must be made within one year of the date of the mortgage. The lender must respond within 30 days of receipt of the request, and if the lender does not respond, the mortgage debt is extinguished. The most common types of Louisiana Request To Cancel Mortgages By Prescription are: Usury Mortgage Cancellation, Statutory Cancellation of Mortgage, and Declaratory Judgment Cancellation of Mortgage.

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Louisiana Request To Cancel Mortgage By Prescription