Louisiana Blog :: Business & Health » Legal Service http://www.alllouisiana.com/blog Sat, 31 Jul 2010 04:26:16 +0000 en hourly 1 http://wordpress.org/?v=3.0 Foreclosure Laws in Louisiana http://www.alllouisiana.com/blog/foreclosure-laws-in-louisiana/ http://www.alllouisiana.com/blog/foreclosure-laws-in-louisiana/#comments Sat, 31 Jul 2010 04:26:16 +0000 Andy Johnson http://www.alllouisiana.com/blog/?p=19 There are two types of in-court foreclosure that can be used, executor process and ordinary process. Executory foreclosure occurs when the bank has used a mortgage that includes in its language “an authentic act that imparts a confession of judgment” Basically, this means that the home owner signed and acknowledged the obligations of the mortgage in the presence of a notary public and two witnesses. This type of mortgage makes the foreclosure process a lot easier for the bank. It speeds up the process. Once the suit has been filed along with the original note and a certified copy of the mortgage, the court automatically issues an order for the process to begin. Once this order is issued, the home owner will then be served with a demand for the back payments. Louisiana gives the home owner only three days to pay the money. Following these three days, if the money is not paid, the court will issue a Writ of Seizure and Sale. The date, time, and place of the sale must be advertised for thirty days before it can be held.

The former home owner has no right of redemption in this state. A right of redemption is a time period, allowed in most states, during which the person who lost their home to foreclosure can regain ownership of the house by paying either the amount of the loan or the price paid at the sale for the house. This option is not available in Louisiana. Even though judicial foreclosure usually takes a lot longer than non-judicial foreclosure, Louisiana has streamlined the process and it is one of the quickest states in which the bank can move towards the sale of the home. Sixty days is the average length of the foreclosure process in this state. The ordinary foreclosure process works more like a lawsuit, and is more costly and time consuming. Consequently, ordinary foreclosure is rarely used by the banks. In executory foreclosure, the bank is required to send any notification to the home owner, prior to starting the foreclosure process. The mortgage or deed of trust may have language requiring this notification. If it does not, no prior warning will be given to the homeowner.

A notice of sale must be personally served upon the homeowner in default, by the sheriff. This notice of sale must also be advertised in a newspaper with general circulation in the parish where the home is located. The sheriff is required to conduct the foreclosure sale. Anyone may bid for the home at the sale. The person making the highest bid will be deemed the winning bidder. This winning bidder must be able to pay the price the offered in cash. The same day as the sale occurred. Some exceptions are allowed occasionally. That exception would be that 10% of that winning bid price must be paid the day of the sale in cash and the remaining money to complete the purchase must be paid in the next thirty days following the sale, when the total price of the winning bid is paid, the sheriff will issue a deed to the winning bidder.

]]> http://www.alllouisiana.com/blog/foreclosure-laws-in-louisiana/feed/ 0 Louisiana Lawyers http://www.alllouisiana.com/blog/louisiana-lawyers/ http://www.alllouisiana.com/blog/louisiana-lawyers/#comments Tue, 13 Oct 2009 09:22:26 +0000 Alan Smith http://www.alllouisiana.com/blog/louisiana-lawyers/ Louisiana’s legal system is different from other American state laws. Initially it was based on Napoleonic code, though it is now gradually falling in line with other American states. Napoleon had based his legal system on Roman law and codified it. The rest of American states, however, follow the English common law, which is based on court precedent. The ruling of one judge may influence the ruling and judgment of another judge.

In case of Napoleonic code, the laws are passed by the legislative branch and are interpreted by the judges. Documents and other legal statements need to be written in certain formats that are specific to the state of Louisiana only, and need to be understood accurately.

There are extensive databases available at various sites, giving information about lawyers. To find a good lawyer in Louisiana is not a very difficult proposition. There is a Louisiana lawyer locator service, which is useful when searching for a lawyer of the client’s choice. It is easy to find lawyers dealing with different types of cases by surfing the Internet or consulting friends. The interested person can also seek the advice of fresh law graduates about competent lawyers and their fees.

When selecting a lawyer it is essential to select one of experience as well as one with a successful track record. The lawyer should be one who the client can easily trust and discuss the case with. It is important to remember that the lawyer should feel the same importance for the case as his client. It is also advisable to get a written contract, after selecting the best lawyer for handling the case and settle the charges so that there is no misunderstanding in the future that makes their personal involvement a sticky affair.

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