Foreclosed Property definition

Foreclosed Property. The Property or other Collateral securing the Mortgage Loan, title to which has been acquired by the Special Servicer on behalf of the Trust and the Companion Loan Holders through foreclosure, deed in lieu of foreclosure or otherwise in the name of the Trustee or its nominee.

Foreclosed Property means residential property where foreclosure proceedings have been initiated or have been completed and title transferred or where title is transferred in lieu of foreclosure.

Foreclosed Property means a property which “has been foreclosed upon” at the point that, under state or local law, the mortgage or tax foreclosure is complete. Foreclosure is deemed complete after the title of the property has been transferred from the former property owner under some type of foreclosure proceeding or transferred in lieu of foreclosure after foreclosure proceedings have been initiated, in accordance with state or local law.

Examples of Foreclosed Property 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.

• All net income and gain realized from investment of funds deposited in the Foreclosed Property Account shall be for the benefit of the Special Servicer.

• The Special Servicer shall notify the Certificate Administrator in writing of the location and account number of each Foreclosed Property Account and shall notify the Certificate Administrator in writing prior to any subsequent change thereof.

• On or before the Business Day following the last day of each Collection Period, the Special Servicer shall withdraw the funds in any Foreclosed Property Account received through the end of such Collection Period, net of certain expenses and/or reserves (the amount of such reserves determined in the Special Servicer’s reasonable discretion), and deposit them into the Collection Account in accordance with Section 3.4(a).

• To the extent that amounts on deposit in the Foreclosed Property Account are insufficient for the purposes set forth in clauses (i) through (iii) above (and all similar amounts or expenses), the Special Servicer shall direct the Servicer to, and the Servicer shall, make a Property Protection Advance unless the Servicer or the Special Servicer determines, in accordance with Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance.

More Definitions of Foreclosed Property

Foreclosed Property means Related Property acquired by the Issuer or a subsidiary thereof for the benefit of the Noteholders in foreclosure or by other legal process.

Foreclosed Property. As described in Section 5.10.

Foreclosed Property. Any portion of the Property, title to which has been acquired by the Special Servicer on behalf of the Trust and the Companion Loan Holders through foreclosure, deed-in-lieu of foreclosure or otherwise in the name of the Trustee or its nominee.

Foreclosed Property means a home or residential property for which any mortgage or tax foreclosure with respect to such property is complete, and the title of such property has transferred to the appropriate person as determined under the mortgage or tax foreclosure proceeding.

Foreclosed Property means Collateral acquired by the Issuer for the benefit of the Securityholders and the Hedge Counterparties in foreclosure or by deed in lieu of foreclosure or by other legal process.

Foreclosed Property. With respect to any Mortgage Loan, any Property acquired by the Trust as a result of:

Foreclosed Property means real estate or interest therein, or other property used in connection therewith acquired through foreclosure or similar action, deed of trust sales, or by deed in lieu of any thereof.