Escrow & Title
In Louisiana, a judicial mortgage is created by:
AA recorded Act of Mortgage signed by the borrower
BA money judgment that is recorded in the parish mortgage records✓ Correct
CA tax lien filed by the Louisiana Department of Revenue
DA mechanic's lien filed by a contractor
Explanation
A judicial mortgage in Louisiana is created when a court money judgment is properly recorded in the parish mortgage records. It becomes a lien on all immovable property owned by the judgment debtor in that parish.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
State-Specific Concepts
Mechanic's Lien
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