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.
Foreclosed property is recorded in the Current Fund at the assessed value when such property was acquired and is fully reserved.
Foreclosed Property - Foreclosed property is recorded in the Current Fund at the assessed valuation when such property was acquired and is fully reserved.
Foreclosed property acquired as a result in defaulted loans obligated or loan guarantees committed prior to 1992 is valued at net realizable value.
Foreclosed Property - Foreclosed property is recorded in the Current Fund at the assessed valuation when such property was acquired, and is fully reserved.
More Definitions of Foreclosed Property
Foreclosed Property. Any portion of a 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 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 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 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 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.