LSDefine

Simple English definitions for legal terms

real estate owned

Read a random definition: consensual marriage

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.

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bigfatsloth

9:09

my dad paid for my undergrad but he abandoned me at a hospital and sent me to a group home as a child so he owes me

llama

9:24

@bigfatsloth: <3 my night runs into morning all the time

bigfatsloth

9:41

aweee <33 i duno wut u mean by that

CivisRomanus

10:17

is yale done?

CivisRomanus

10:17

*YM joke incoming*

ronniedoeslaw

10:35

I hope this week/month we all get the acceptance letters we’ve been working so hard for

eggan

10:36

@CivisRomanus: You don't get a YM joke.

badhorrormovie

10:44

anyone get an nyu wl or a yet

badhorrormovie

10:45

or are they still pretending like they accept people

badhorrormovie

10:46

@KindHocTuah: rob list

esoterica

11:42

do you not have a decision from them yet?

esoterica

11:42

the waitlists all rolled out like end of april

NemoPropheta

11:46

holy shit r/lsa is filled with misandrists

NemoPropheta

11:46

anyone see the adcomm gender breakdown analysis?

NemoPropheta

11:50

seeing so many rebuttals focused on women having higher uGPAs when studies have shown there exists a systemic grading/punishment bias in favor of women from Kindergarten all the way to Undergrad

starfishies

11:57

u guys buying ur school's health insurance?

esoterica

12:08

yeah. I’m on medicaid now but it only works in state and im moving but wont be able to declare residency there so need to get the school plan

esoterica

12:10

wbu?

starfishies

12:12

literally samesies i was just wondering if theres like an insurance expert in chat

starfishies

12:12

to warn me if its all just a scam

sock

12:17

i dont even know if my school has health insurance

QuickShyCattle

12:28

almost every school does

QuickShyCattle

12:28

id be worried if things out of state aren't covered or covered as well

NemoPropheta

12:29

I think all public schools have it, and a lot of schools will require you to either purchase it through them or prove you have equivalent coverage elsewhere

esoterica

12:31

Are any of you medicaid experts

sock

12:33

ahh i didnt know that. i just raw dogged undergrad tbh

starfishies

12:36

i went to my fin aid office in undergrad, told them i couldn't afford their insurance and didn't have any and they basically old me i unlocked the super secret insurance fund where if u complain to them theyll just pay it for you

starfishies

12:37

life unfortunately does not work this way tho lol

sock

12:37

gonna try that out for law school

starfishies

12:37

shooters shoot

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