Real Estate Owned (REO)

Real Estate Owned (REO)

Real Estate Owned (REO) describes when a mortgage bank owns a property. Banks come to own property when a borrower stops paying the agreed mortgage amount and the bank forecloses, but for some reason, the property is not sold at auction. At this point, the property is real estate owned (REO). The bank now owns and is responsible for it.

Definition of Real Estate Owned REO

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