FORECLOSURES, PROJECTS WITH LACK OF FUNDING Costa Rica foreclosures, bank repossessed, need JV partners. Distressed properties are properties that are in danger of facing foreclosures proceedings, or that have already been scheduled for sale as a result of default on the part of the property owner. A property is said to be distressed when a property owner gets behind on mortgage payments or a tax payment and the lender or appropriate debt collector begins to start the necessary proceedings to sell the home in order to collect the outstanding debt. These properties may become Auctioned off as a result. Distressed properties in Costa Rica can be foreclosed on by Bank or other lenders, owners desperate to sell and have reduced price enormously or many times. Also, projects that are viable but lost funding due to the central Bank policy on no lending for construction last year.

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