What are Foreclosed Properties in the Philippines?

Posted in QA on February 22nd, 2010 by admin | No comments
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Foreclosed Properties in the Philippines refer to real estate properties that have been foreclosed when owner has failed to continue payments or mortgage on the said property. Banks are the usually ones who “foreclose” on the property (the alternate is a lender).

Foreclosed Properties in the Philippines can range from houses, lots (this includes vacant, agricultural, even cemetery), townhouses, condominiums, buildings of residential, agricultural commercial or industrial nature.

According to Wikipedia:

Foreclosure is the legal and professional proceeding in which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor’s equitableright of redemption…The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust”. -wikipedia

What other Philippines Real Estate Questions do you have? We’ll try to find an answer for you!

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