Category Archives: definition
December 10, 2009 What is foreclosed property?
A foreclosed property is a property which is subject to forced seizure and sale by a lending institution because the borrower/homeowner has fallen into arrears on the interest repayment, triggering a debt recovery action. In Japan, debt recovery proceedings are undertaken by the Prefectural Court Offices.Foreclosed property is a feature of many developed countries and [...]
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