Louisiana Sample Letters - A Package of Sample Letters and Forms for Foreclosure
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FAQ
A foreclosure is simply the closing of a Home Loan by paying off the entire amount borrowed in one lump sum amount. It is part of the regular Home Loan process and allows you to pay off the borrowed amount before the EMI schedule. You can opt for a foreclosure even after having made a few EMI payments.
Since Louisiana is a judicial foreclosure state, the time frame for foreclosing on a Louisiana property can vary depending on the court schedule, just as it can in other judicial foreclosure states. It usually takes a lender about 6-9 months to foreclose on a Louisiana property.
Options include paying back the past-due amount over time, loan modification or refinance, or deed in lieu of foreclosure.
Executory proceedings are those which are used to effect the seizure and sale of property, without previous citation and judgment, to enforce a mortgage or privilege thereon evidenced by an authentic act importing a confession of judgment, and in other cases allowed by law.
Options include paying back the past-due amount over time, loan modification or refinance, or deed in lieu of foreclosure. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender, if you need this assistance.
All foreclosures in Louisiana must go through the judicial process, meaning that the court is involved. There are two types of judicial foreclosures that are used in the state: ordinary and executory. In most cases, the executory process is the one used to foreclose upon a home in Louisiana.
Again, the most common foreclosure process in Louisiana is an executory proceeding. This type of foreclosure is possible when the borrower agrees in the loan paperwork that the lender may get a judgment upon a default.