LSDefine

Simple English definitions for legal terms

real estate owned

Read a random definition: Patent and Trademark Depository Library

A quick definition of real estate owned:

Real Estate Owned: When someone borrows money to buy a house or property, they have to pay it back. If they can't pay it back, the lender takes the property back. This property is called Real Estate Owned or REO for short.

A more thorough explanation:

Definition: Real estate owned (REO) refers to property that a lender has acquired, usually through foreclosure, as a way to satisfy a debt.

Example: Let's say a homeowner took out a mortgage to buy a house but was unable to make the payments. The lender may foreclose on the property and take ownership of it. The property then becomes real estate owned by the lender.

Explanation: The example illustrates how a property can become real estate owned by a lender. When a borrower defaults on a mortgage, the lender can foreclose on the property and take ownership of it. The property then becomes an asset of the lender, which they can sell to recoup their losses.

real-estate mortgage trust | Real Estate Settlement Procedures Act

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

PuppyBot

14:03

i need tips for not falling asleep at work

SaddestPortlander

14:03

drugs

PuppyBot

14:03

can we talk about something interesting like i dont know drugs sex death

ReminiscentZestyFish

14:04

Everyone admitted to penn looks like above medians

PuppyBot

14:04

time to harass glove on linkedin

lilypadfrog

14:06

that’s a good way to stay awake. tell him to come back here

PuppyBot

14:08

lily i broke a rubber band already

PuppyBot

14:08

le sigh

lilypadfrog

14:08

damn you get vicious with it. just pinch yourself or something

lilypadfrog

14:09

don’t break your finger

oakenrays

14:13

its a bum-ass law school but LSD really needs to update UCLawSF's name

oakenrays

14:13

whose manager can I call about that

lilypadfrog

14:14

I think the people in charge don’t come on here anymore but you can email them if you really care like that

llama

14:14

yeah true that. Although I prefer Hastings just because it is easy to differentiate from U of SF

renard99

14:14

There's a lot on this site that doesn't work and for maybe $5k I'd be more than willing to fix it

llama

14:14

send bid proposal Renard

renard99

14:14

But as Lilypad said it's probably just maintained atp, no major updates

oakenrays

14:15

fwiw all the UCLSF students I know still basically say hastings. even the huge crest in the foyer still says hastings

renard99

14:15

@llama: Man I'd be more than happy to

llama

14:15

LSD is in decay age of social network

renard99

14:15

^LMAO yeah

renard99

14:15

Basically accepted atp that I'm gonna have to R&R so might as well take up some jobs while I'm at it

llama

14:15

sad. imagine being here in 2005/2010 when it was 100 operational. woe is me

BulbasaurNoLikeCardio

14:16

@llama: back when 160s meant t14

oakenrays

14:16

born too late to experience full LSD born too soon to explore the galaxy

llama

14:16

^ gets it

lilypadfrog

14:16

https://www.lsd.law/users/creep/cryptanon this is one of the guys who made the website

llama

14:16

@lilypadfrog: wow more recent than i would have wagered

llama

14:17

how is it so that I creep a rando and their app year is 2005-2005?

llama

14:17

2005-2006* for example

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