Definitions for "real estate owned"
REO. Property which is in the possession of a lender as a result of foreclosure or forfeiture.
Mortgaged property acquired by a servicer on behalf of the mortgagee, through foreclosure or Deed in Lieu of Foreclosure.
All real estate directly owned by a lender, including real estate taken to satisfy a debt. Includes real estate acquired by lenders through foreclosure, or in settlement of any other obligation to the lender.
Real Estate Settlement Procedures Act (RESPA)