Real Estate Owned |
3 Months Ended |
|---|---|
Mar. 31, 2020 | |
| Real Estate Owned | |
| Real Estate Owned |
5. Real Estate Owned Property purchased for rental or acquired through foreclosure are included on the balance sheet as real estate owned. As of March 31, 2020, and December 31, 2019, real estate owned totaled $7,290,676 and $8,258,082, respectively, with no valuation allowance. As of March 31, 2020, real estate owned included $1,545,398 of real estate held for rental and $5,745,278 of real estate held for sale. In the first quarter of 2020, the Company recorded an impairment loss of $250,000 compared to an impairment loss of $-0- in the first quarter of 2019. |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|