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Simple English definitions for legal terms

real estate owned

Read a random definition: jus actionis

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

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NosyBeagle

10:45

u gotta lock in bro

ParallelAgreeableOrangutan

10:48

I've been out of school for a long time and I'm scared I won't remember how to be a student, or that I'm too used to sleeping full 8-hour nights

NosyBeagle

10:53

I recommend finding students like you for support. There's bound to be a few.

ParallelAgreeableOrangutan

11:05

I'm hoping so, especially with such a large 1L class

seventensplit

11:08

I've never been a study group guy in my whole life. Seems like that's the default in law school, though. Idk it's more than a year away for me so I shouldn't even be thinking about this sort of minutia, but like I wonder if study groups are actually tangibly helpful in law school? I bet that majorly depends on who is in your study group, but then they form at the beginning of the year before anybody knows eachother, and momentum just keeps them going even if they aren't great

PremiumFrequentCrane

11:14

Nah, the cliques start forming at asd

PremiumFrequentCrane

11:15

First round draft picks

PremiumFrequentCrane

11:15

Then later ones are lower draft picks

PremiumFrequentCrane

11:15

So everyone gets kinda the same peer group in relation to academic ability

PremiumFrequentCrane

11:15

Wont be much or any bottom feeders leeching off smart study master/unofficial tutor

Bettercaulsaul

11:18

I haven’t been much of a group study person either in my educational career. If you’re living on campus it won’t be too bad ; I think it mainly becomes an issue for those who live off campus or commute far

AngryMiniCar

11:39

Bro bad news. No lunch no pasta... someone took all 5 containers of left over pasta from the firm lunch yesterday

AngryMiniCar

11:39

I'm irrationally mad :')

seventensplit

11:47

@PremiumFrequentCrane: The unofficial tutor is exactly why I've never been a study group guy lol. That is always how it went any time I would attempt it

NosyBeagle

11:51

rip to the epic pasta lunch

NosyBeagle

11:53

i am also irrationally mad because I second guessed myself on an answer and beefed it

NosyBeagle

11:53

me from 5 mins ago was cooking idk what happened

AngryMiniCar

11:58

Not in the mood to study anymore. @Nosybeagle tell me to suck it up and go do RC passages

NemoPropheta

11:59

@AngryMiniCar: Whos gonna carry the boats?

AngryMiniCar

11:59

What boats

AngryMiniCar

12:00

Is this a r/woosh moment for me

NosyBeagle

12:00

@AngryMiniCar: I'm never in the mood. I hate this f'ing test but we r doing this for us and for the future people were going to help with our lawyer chops so get to it!

NemoPropheta

12:01

@AngryMiniCar: its a david goggins thing

AngryMiniCar

12:01

OHHH LMAOO

esoterica

12:08

ho I feel like David goggins

c0bra1

12:48

im so bored

c0bra1

12:48

the children (me) yearn for the classroom

Koreaboo

12:56

november lsat LETS GO

NosyBeagle

12:58

^ me if I beef the august lsat

AngryMiniCar

13:47

^ same boat

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