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. If there is anything else important that I forgot to include in this article, or if you experienced a real estate transaction that is anomalous, scam, fraudulent scheme that you want me to document and expose for others to be warned, or if you want to donate to the war chest of real estate consumer rights advocacy, please feel free to email me at JohnPetalcorin@Gmail.Com. If you want to comment about this article, there is a provision for this purpose that you can find below.
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3 comments:
You really enlighten us about this 'Foreclosed Property' and 'Acquired Asset' terms! Really helpful. :)
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