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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com

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Executory Foreclosure


Executory Foreclosure is used when the mortgage contains an "authentic act that imparts a confession of judgment."  This is a clause stating that the borrower had agreed to the obligations of the loan by signing in front of a notary public and 2 witnesses.  With this kind of mortgage, the foreclosure process starts as soon as the suit is filed and all the necessary documents have been provided to the homeowner.

Once the foreclosure is ordered, the borrower will then receive a demand to bring the mortgage current within 3 days. Otherwise, the court issues a write of seizure and sale, and a notice will be advertised for at least 30 days before the foreclosure date.