5/20/2014

Distinguish "Foreclosed Property" from "Acquired Asset"

When a property owner fails to pay his MORTGAGED PROPERTY, the property will be foreclosed by the bank and that property becomes FORECLOSED PROPERTY. A foreclosed property becomes an ACQUIRED ASSET of the bank after the release of the Court's decision to convey the ownership of the property in favor of the bank. The Court Order usually comes with an eviction provision if there are occupants that need to be evicted.


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3 comments:

Justin Torres said...

You really enlighten us about this 'Foreclosed Property' and 'Acquired Asset' terms! Really helpful. :)

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