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    alluda's Avatar
    alluda Posts: 3, Reputation: 1
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    #1

    Aug 13, 2008, 04:45 PM
    Accounting for Forclosures
    My company has a house which it was being bought. The owners were making monthly payments to us because my company is also the mortgator. The owners defaulted on their mortgage, and the house was up for foreclosure, but we have rent it to somebody else for now. How do I state this in my books? What do I need to do? The owners have giving us a down payment of $10,000 which they are not getting back; of course. How do I close the accounts receibable that I had from the monthly mortgage payments? I one question, How do I explain all this in my books?


    Please help!
    kay26's Avatar
    kay26 Posts: 12, Reputation: 1
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    #2

    Aug 13, 2008, 06:36 PM
    Oh dear, that is a quiet a situation, I would say put everything down in your journal and then work around it from there.
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