The Louisiana Foreclosure Law permits only the judicial foreclosure, which considers the mortgage agreement as to the initial security agreement.
- The foreclosure process can be carried out either through executory or ordinary processes.
- The executory process will take place where the obligations of the mortgage are signed and acknowledged by the borrower in the witness of a notary public.
- Compared to normal processes, the executory process is far more comfortable and convenient to execute and carry out.
- The lenders are provided with an entitlement to file for a deficiency judgment. However, buyers will be left without any rights for redemption.
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