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A creditor that receives physical possession of residential or commercial real estate property through an in substance repossession or foreclosure should recognize the real estate property.
Accounting standards do not provide a clear view on how an asset should be treated when the entity enforces its right to foreclose and repossess the asset, and the asset is pending disposal.
28 Μαρ 2022 · Foreclosure is the legal process by which a lender seizes and sells a home or property after a borrower is unable to meet their repayment obligation.
5 Σεπ 2023 · Foreclosures, a term often associated with financial distress, are a significant aspect of the real estate and banking sectors. Properly accounting for and reporting these properties is crucial for transparency and accuracy in financial statements.
Sales of foreclosed real estate assets, sometimes referred to as other real estate owned (OREO), that are classified as held for sale are accounted for in accordance with ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets.
When a creditor receives physical possession of real estate property that collateralized a mortgage loan (through an in substance repossession or foreclosure), it should derecognize the loan receivable and recognize the real estate property at its fair value in accordance with ASC 310-20-40-2, which is then the OREO’s new cost basis.
Foreclosed Property Page 4 of 97 August 2017. The guide is divided into four scenarios: 1. Foreclosed property taken with recourse, Post-Credit Reform. 2. Foreclosed property taken without recourse, Post -Credit Reform. 3. Foreclosed property taken with recourse, Pre-Credit Reform. 4. Foreclosed property taken without recourse, Pre -Credit Reform.
