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  • Marcos mansions

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    The term “Marcos mansions” refers to at least fifty upscale residences which are considered part of the ill-gotten wealth of the family of former Philippine President Ferdinand Marcos. Along with the Marcos jewels, art collection, and shoe hoard, the Marcos Mansions are frequently cited to illustrate the Marcos family’s wanton spending during the dictatorship. Because the estimated cost of these mansions is much more than the income recorded in Marcos’ sworn statement of assets and liabilities (SALN), the number, size, and opulence of these mansions is interpreted by the Philippine government as prima facie evidence that the Marcoses plundered the Philippine economy. Some of these properties are titled in the name of Marcos Family members, but others are titled in the name of identified “Marcos cronies,” but reserved for the use of the Marcos family. In some cases, several such mansions were located close together, with specific mansions meant for individual members of the family, as was the case of the Marcos mansions on outlook drive in Baguio.

  • Ancestral houses of the Philippines

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    Current logo for the Philippine Registry of Cultural Property ancestral house of Emilio Aguinaldo, declared a National Shrine in 1964Edralin Ancestral houseMarcella Agoncillo Ancestral House, typical Bahay na BatoAncestral houses of the Philippines or Heritage Houses are homes owned and preserved by the same family for several generations as part of the Filipino family culture. It corresponds to long tradition by Filipino people of venerating Ancestors and Elders. Houses could be a simple house to a mansion. The most common ones are the "Bahay na Bato". Some houses of prominent families had become points of interest or museums in their community because of its cultural, architectural or historical significance. These houses that are deemed of significant importance to the Filipino culture are declared Heritage House by the National Historical Commission of the Philippines (NHCP), previously known as the National Historical Institute (NHI) of the Philippines.

  • Foreclosure

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    House in Salinas, California, under foreclosure, following the bursting of the U.S. real estate bubbleForeclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can repossess the property. Therefore, through the process of foreclosure, the lender seeks to immediately terminate the equitable right of redemption and take both legal and equitable title to the property in fee simple.

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