220.127.116.11 REO Management Companies
The term “REO” stands for real estate owned. It refers to property that is in possession of the mortgage holder as a result of foreclosure. Holders and/or servicers may outsource the management of these properties to a specialized company. REO management companies may be responsible for preserving and monitoring property after foreclosure, marketing and selling property, and dealing with homeowners that remain on the property after the foreclosure.