The executors foreclosure occurs when there is a mortgage that includes a “authentic act that imparts a confession of judgment”. This is a legal process of mortgages that has been provided by the state of Louisiana. If this is in place, the lender has a much easier time foreclosing on delinquent property. Once the lawsuit for foreclosure is filed and the original note and certified copy is provided to the court the court will automatically issue the right of foreclosure process to begin.

The borrower is served with intent to foreclose with a demand for either delinquent amount paid in full or the court orders a writ of seizure. The borrower has three days in which to catch the delinquency up and if not the property will be sold after the property has been properly published in newsprint for 30 days. Lenders can also sue for a deficiency judgment but the borrower has no rights to redemption other then the three allotted days to catch up delinquency.

The original foreclosure demands that the lender proves default of borrower in court and then follow proper notification to borrower of foreclosure as well as anyone who has lien on the property. After serving borrower and or lien holders of the property, the lender must run an ad in the newspaper of the county of where the property is located for 30 days prior to the sale.

If you live in Louisiana and are facing foreclosure, 1st Foreclosure Prevention can help you work with you lender to stop the foreclosure process and help you to save your home.