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Terms

NTS - Notice of Trustee Sale, same as a home going to auction, or a foreclosure.

REO - Real Estate Owned by a savings institution as the result of default by borrowers and subsequent foreclosure by the institution. Also know as “Bank Owned�?.

Short Sale - The sale of real property where the fair market sale price is less than the loan balance. Meaning the homeowner owes more then the home is worth. A sales price is negotiated with the lending institution.

Foreclosure - A legal proceeding in which real estate secured by a mortgage or deed of trust is sold to satisfy the underlying debt.

Pre-foreclosure - A process where by a default has taken place. Usually a notice of default will have been filed as a first step. If the default is not cured, either a judicial or a non-judicial proceeding is started and property is subject to foreclosure.