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General Accounting Discussions: [Sink] Foreclosed assets

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    • CommentAuthorbasb
    • CommentTimeJan 31st 2008
     
    When a bank forecloses assets, how does a company report that? For example, a company has an outstanding loan for $1,000,000 secured by real estate, which is on the company's b/s at the purchase price of $2M. The bank sales off the real estate for $1.5M and uses the additional $500k to cover misc. fees. Does the company recognize a loss of $500k on the real estate and erase the loans from the b/s?
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    The US jobs market deteriorated markedly at the end of June, said the Labor Dept., with continuing benefit claims reaching 3.2 million – the worst level since Dec.'03 and greater by more than one-quarter from this time last year.Gold remained well bid in the aftermarket on Wednesday,noted Manqoba Madinane for Standard Bank this morning, "even though oil prices slipped.
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    micheel

    http://foreclosures.gov-auctions.org

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