| Foreclosure properties in New Orleans are foreclosed | | | | Bank auctions. Several kinds of properties are |
| using two different methods. One is called the | | | | displayed in the auctions. All the properties that are |
| executory method which includes a clause named | | | | getting auctioned however are advertised with the |
| "Authentic Act" that can impart a confession or | | | | entire information. The information can also be |
| judgment" which means that the borrower has legally | | | | accessed on the internet. The minimum bid amount is |
| agreed to the obligations that the mortgage has | | | | always listed, and the winning bidder should clearly bid |
| specified. In case of default, the mortgage company | | | | for an amount above the minimum bid amount. |
| will be authorized to auction the house to recover the | | | | New Orleans HUD homes are available through public |
| loan amount. The other method is the "Ordinary | | | | actions and mortgages. People who have defaulted on |
| method" which is not only expensive but also a time | | | | mortgage payments will have their properties |
| consuming process. It could take anywhere between 9 | | | | auctioned by the mortgage companies. However, |
| months to 12 months to complete the foreclosure | | | | when it comes to HUD homes, the auction is |
| process. The executory method would only take 3 | | | | conducted differently. A person who wants to buy a |
| months for the property to be foreclosed. | | | | HUD home should already have a pre approved loan in |
| Bank auctions of New Orleans are usually advertised | | | | his or her name in order to be eligible for purchasing a |
| in the news papers. Also, these kinds of auctions sell | | | | HUD home. A detailed check is done of the credit |
| more than one property through a single auction. A | | | | ratings, and only then is the person is authorized to bid |
| bank may have many kinds of properties listed for | | | | for the property. HUD homes are much cheaper to |
| auctions with them. Also, some properties do not get | | | | buy than the other homes in any city. |
| sold in the first auction and they are repeated again in | | | | |