Foreclosed means a residential, commercial or industrial property, placed as security for a real estate loan, as to which all rights of the mortgagor or his grantee in the property have been terminated as a result of a default of the loan.
Foreclosed means a Property, placed as security for a loan, as to which all rights of the mortgagor
Foreclosed means property for which the foreclosure process has begun with the filing of a notice of default.
Examples of Foreclosed in a sentence
Foreclosed Property -- Foreclosed property is recorded in the Current Fund at the assessed valuation when such property was acquired and is fully reserved.
NOTE: Foreclosed real estate received in full or partial satisfaction of a loan should be recorded at the fair value less cost to sell of the property at the time of foreclosure.
Foreclosed assets are valued at the lower of cost and fair value.
Foreclosed assets are assets owned by the Bank for realization or sale, i.e. assets acquired in lieu of payment, assets awarded in judicial auctions, assets purchased to be leased under finance and operating leases, goods produced for sale, idle property and equipment, and other foreclosed assets.
Foreclosed assets that you reported on SC405 through SC430 (Repossessed Assets).
More Definitions of Foreclosed
Foreclosed means that pursuant to applicable state and local laws, the mortgage or tax foreclosure process has been completed. Title must have been transferred from the former homeowner. Funds may not be used for foreclosure prevention activities or for acquisition of properties that have not been foreclosed upon.
Foreclosed occurs when (i) an Event of Default (as defined in the MHR Loan Documents) has occurred, (ii) with respect to all or any portion of the Licensed IP, MHR forecloses on, conducts, controls or substantially directs a foreclosure sale, or is granted ownership or legal or equitable title to under or in connection with a plan of reorganization or similar arrangement, and (iii) MHR takes possession of, acquires, is granted ownership rights as the holder of legal or equitable title to all or any portion of the Licensed IP, or such Licensed IP is sold to a third party pursuant to a foreclosure sale.
Foreclosed occurs when all of the following events have occurred: (i) an Event of Default (as defined in either the Loan Agreement, Convertible Notes or the Bridge Notes) has occurred, (ii) with respect to all or any portion of the Licensed IP, MHR or any of its affiliated funds forecloses on, conducts, controls or substantially directs a foreclosure sale, or is granted ownership or legal or equitable title to under or in connection with a plan of reorganization or similar arrangement, and (iii) MHR or any of its affiliated funds takes possession of, acquires, is granted ownership rights as the holder of legal or equitable title to all or any portion of the Licensed IP, or such Licensed IP is sold to a third party pursuant to a foreclosure sale.
Foreclosed occurs when all of the following events have occurred (a) an Event of Default (as defined in the 2005 Loan Agreement, 2014 Loan Agreement, Convertible Notes, Bridge Notes or Reimbursement Notes) has occurred, (b) with respect to all or any portion of the Licensed IP, Institutional Partners IIA or any of its affiliated funds forecloses on, conducts, controls or substantially directs a foreclosure sale, or is granted ownership or legal or equitable title to under or in connection with a plan of reorganization or similar arrangement, and (c) Institutional Partners IIA or any of its affiliated funds takes possession of, acquires, is granted ownership rights as the holder of legal or equitable title to all or any portion of the Licensed IP, or such Licensed IP is sold to a third party pursuant to a foreclosure sale.
Foreclosed occurs when all of the following events have occurred: (i) an Event of Default (as defined in any of the 2005 Loan Agreement, 2014 Loan Agreement, Convertible Notes, Bridge Notes or Reimbursement Notes) has occurred, (ii) with respect to all or any portion of the Licensed IP, MHR or any of its affiliated funds forecloses on, conducts, controls or substantially directs a foreclosure sale, or is granted ownership or legal or equitable title to under or in connection with a plan of reorganization or similar arrangement, and (iii) MHR of any of its affiliated funds takes possession of, acquires, is granted ownership rights as the holder of legal or equitable title to all or any portion of the Licensed IP, or such Licensed IP is sold to a third party pursuant to a foreclosure sale.
Foreclosed means a property “has been foreclosed upon” at the point that, under state or local law, the mortgage or tax foreclosure is complete. HUD generally will not consider a foreclosure to be complete until after the title for the property has been transferred from the former homeowner under some type of foreclosure proceeding or transfer in lieu of foreclosure, in accordance with state or local law.
Foreclosed or “Foreclosed Upon” shall mean that a property has been Foreclosed or Foreclosed Upon if any of the following conditions apply: (a) the property’s current delinquency status is at least sixty (60) days delinquent under the Mortgage Banker’s of America delinquency calculation and the owner has been notified; (b) the property owner is over ninety (90) days or more delinquent on tax payments; (c) under and in compliance with Illinois law, the mortgage or tax foreclosure has been initiated or completed; or (d) foreclosure proceedings have been completed and title for the property has been transferred to an intermediary aggregator or servicer that is not an NSP grantee, contractor, Subreceipient, Developer or end user.