Avoid Foreclosure: Can You Get a Deficiency Judgments After Foreclosure in Louisiana❓

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hello and welcome to this video on

Ranger Chairman's with Louisiana housing

authority and today we're gonna discuss

do you owe anything if your property was

foreclosed in other words if your

property was sold at the sheriff's


do you still owe anything after it's

been sold but before we do so make sure

you click that subscribe button hit the

notification bell because I post real

estate information like this all the

time and you don't want to miss it so

let's get back to our question do you

owe any money after the property has

been sold at a foreclosure at the

sheriff sale auction you did a bank

possess to own the home now as an REO

real estate owned or somebody else

purchase their property in one the

auction bid right do you still owe any

money afterwards and that answer to you

is yes it is possible in Louisiana we do

not have a statute that says that a

mortgage servicer cannot sue you a

second time for a deficiency judgment

see the first time they have to sue you

in regards to getting a full closure of

proof from the court from the judge in a

notice of a notice of sale they actually

follow suit and they get a judgment and

they receive a notice of sale right now

once the property is so at the sheriff

auction and if that property didn't

satisfy the balance that was oh let's

use some numbers for example but I say

that you owe two hundred and twenty-five

thousand dollars of balance on your

mortgage but the property owner sold for

one hundred and fifty thousand dollars

right at the auction so that's a seventy

five thousand dollar difference there

what happens to their money well in

Louisiana that individual service

provider can sue you a second time for a

judgment call a deficiency judgment

so that seventy five thousand dollars

down was still left over for the balance

you still if you get a deficiency

judgment against you you still owe

that's $75,000 in fact they can even go

on as your paycheck ownership

bank account etc and you probably or

could possibly be paying $75,000

whatever that difference in that balance

that still was Oh for the next 10 20 30

years and you don't even live in that

home right now in addition to that if

the only way that deficiency judgment

can happen is if the market servicer

before the foreclosure actually happened

that they had a praising done on the

whole so if prese was done on a home

they already know what the home value is

and so when they actually finished up

sheriff sale and if that's any balance

oh they can come after you for a

deficiency judgment just want to be

aware of that but if they did not write

they did not get an appraisal done then

they're not gonna move forward with that

so I hope that information helped I hope

that answered your question

having said that my team and I is

available to help you so if you want to

learn more we want to attempt to do our

best to help you to prevent a void and

even stop foreclosure so give my office

a call my team will be able to schedule

you a free foreclosure prevention

consultation to hear your situation and

see how can we help you so hope this

information again was helpful to you see

you in the next video and have a great

day on purpose ticket