Full question:
I am attempting to find out what the right of redemption law is in Louisiana with regard to foreclosure, property that is considered blighted or abandoned, and property seized due to taxes.
- Category: Real Property
- Subcategory: Foreclosure
- Date:
- State: Louisiana
Answer:
In Louisiana, foreclosure proceedings are managed through the courts, typically taking six to nine months. There are two types of foreclosure processes: executory and ordinary. The ordinary process is more extensive and costly, resembling a lawsuit, and usually lasts about nine months. The executory process is quicker, lasting around six months, and occurs when a mortgage includes a confession of judgment. The lender is not required by law to notify the borrower before starting foreclosure, but the mortgage may stipulate this requirement. Once the petition is filed, the borrower receives a demand for the default amount. If they do not respond within three days, the court issues a writ of seizure and sale, which the sheriff executes.
The borrower is personally served with a notice of foreclosure sale, which is also published twice in a local newspaper. The sheriff conducts the sale, allowing anyone, including the borrower, to bid. The winning bidder must pay in cash on the sale day or within thirty days with a ten percent deposit. The sheriff then issues a deed to the winning bidder. Importantly, there are no redemption rights for the borrower in Louisiana.
For tax sales, the redemption period is three years. Regarding properties deemed blighted or abandoned, La. C.C. art. 3473 states that ownership can be acquired through ten years of possession, provided the claimant proves good faith, just title, and that the property can be acquired by prescription.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.