LSDefine

Simple English definitions for legal terms

real estate owned

Read a random definition: riens en arrière

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 👎

anxiouslydiligentmeerkat

19:33

even if it is an R, I just want to know. I want my cycle over so badly

GreenJumbledScorpion

21:21

@jb2028: how many people are part of the hls slack rn?

fizzyyogurtdrink

22:42

@anxiouslydiligentmeerkat: Are you on the USC waitlist?

anxiouslydiligentmeerkat

22:47

@fizzyyogurtdrink: I haven't even received my initial decision

fizzyyogurtdrink

22:52

@anxiouslydiligentmeerkat: Hopefully, you will hear from them soon. I'm hoping to get off the waitlist :/

BankruptcyAndRestructuringLawIsCool

23:32

I'm so glad I'm deposited somewhere I'd be reasonably happy to go to, even though I'm going to wait out some waitlists. If I were waiting out waitlists without any As, or any As at schools I have the slightest interest in, that'd be rough.

eggbagel

0:03

guys if i got a uva ii off the waitlist is that like a good sign or…

eggbagel

0:03

and will they get back to me before the gulc deadline 💔

[] ararara

0:47

@eggbagel: that’s a very good sign and based on what I’ve seen people say they’re quick with their turnaround time on giving out a final decision following interviews at this point in the cycle (uva) so congratulations that’s amazing!

[] erase

7:43

bruvs am i done in if i end up with a 3.8ish? i really would like to aim for t14s

[] erase

7:52

also i am so happy, i got college to pay for my lsat prep materials ($1200+)!!

[] erase

7:52

*got my

Mountaineer99

7:58

Can’t speak for T14s, it’s definitely possible to get As with a 3.8 in the T30 range.

OvertReconditeSpider

8:04

Oof over 9% interest on grad plus loan💀💀

BootsTheHaus

8:26

Does anyone know if master's GPA is looked at?

WhatItDoBayybeeee

8:26

strong masters gpa is basically a soft

BootsTheHaus

8:27

ugh that is annoying, thank you!

cclaw

8:28

it's still something to make your applications stand out though!

Mountaineer99

8:42

WID how are you this morning

Mountaineer99

8:43

are you live laugh loving?

ValleyH

9:01

good morning future lawyers

ValleyH

9:03

after tomorrow, I only have two weeks left of teaching

ValleyH

9:03

and then I am FREE

ValleyH

9:04

(assuming I rock the LSAT in June and SMU lets me in ofc)

ValleyH

9:11

oh my god it's actually dead in here now :')

GloveDontSplitUMustAcquit

9:11

ik

GloveDontSplitUMustAcquit

9:12

all the regulars are gone

Mountaineer99

9:12

all the regulars were alts of like two people in the last little while lmao

ValleyH

9:14

looool that's true

GloveDontSplitUMustAcquit

9:25

yea dead internet theory crazy

LSD+ is ad-free, with DMs, discounts, case briefs & more.