Which term describes the legal process that allows for foreclosure without appraisement?

The term that describes the legal process allowing for foreclosure without appraisement is referred to as foreclosure by ordinary process. This method is characterized by its streamlined nature compared to other foreclosure processes. In foreclosure by ordinary process, the court handles the case, and the property can be sold without the requirement of first obtaining an appraisal. This allows for a more expedited resolution for lenders in cases where borrowers default on their mortgage obligations.

In Louisiana law, this process is particularly important because it simplifies the foreclosure procedure, minimizing delays typically associated with obtaining appraisals and allowing for a faster recovery of the owed debt. The absence of an appraisement means that the property can be sold based on the market conditions prevailing at the time of the sale, rather than being bound by a potentially outdated appraisal process.

Understanding this process is essential for those involved in real estate and title insurance, as it highlights one of the various methods available for lenders to reclaim their financial interests in properties that are in default.