LA Foreclosure Buying Procedures
National Overnight
TODAY
+/-
Last Week
4.51%
5.06%
3.24%
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A judicial process of mortgage foreclosure is routinely followed in Louisiana. It can therefore take anywhere in excess of six months after the owner is served with the notice to foreclose the property at the public auction of foreclosure sale.
It is suggested that one should not wait till the foreclosure property is transferred to the lender (Real Estate Owned) after the auction, because it would cost lesser during preforeclosure.
In Louisiana, a provision for the lender to obtain a deficiency statement is in place, if the property sells for lesser than the amount left on the mortgage.
