Louisiana Foreclosures and Foreclosed Homes for Sale

Louisiana relies on a judicial process for foreclosures, meaning lenders must get their actions approved by a court. However, Louisiana does differ slightly from most traditional judicial foreclosure processes, as the state has two distinct types of judicial foreclosure processes: executory and ordinary.

Ordinary foreclosures are much like typical lawsuits, and are a costly, time consuming option. In contrast, executory foreclosures are less a less expensive option which occurs when there is a clause in the mortgage allowing them to be used. In this case, the borrower accepts full responsibility for the default, which allows the process to move quickly. In this situation, the borrower receives a notice of default, along with a demand for full payment within three days.

If the borrower fails to make the full payment within the specified timeframe, the property is seized and scheduled for auction by the sheriff. A notice of sale will appear twice in the local parish newspaper, which is an excellent resource for discovering upcoming auctions. The notice of sale will include information pertinent to the auction, including a description of the property.

On the date of the auction, the general public is invited to bid on the property. The highest bidder is awarded the property, provided they can pay the full bid amount in cash. In some cases, a 10 percent deposit is allowed, with the remainder paid within 30 days. It is a good idea to check in advance to see if this is allowed, as not all parishes will permit bidders to pay in installments. Once all payments have been satisfied, the winning bidder receives the deed to the property, with no right to redemption for the previous owner.

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