The Louisiana Foreclosure Law permits only the judicial foreclosure which considers the mortgage agreement as the primary security agreement.
- The foreclosure process can be carried out either through executory or ordinary process.
- 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.
- Considered to ordinary process, executory process is far easier and convenient to execute and carry out.
- The lenders are provided an entitlement to file for deficiency judgment however, buyers will be left without any rights for redemption.