Terms Related to the Short Sale Process and Foreclosure Process
- By Anthony J Phillips
All the terms and acronyms for short sales and foreclosures can be a little overwhelming. Here is a list of the most frequently used.
Pre-Foreclosure – the period beginning with initial mortgage default up to when a distressed property is sold. The length of which is considered Pre-Foreclosure and varies depending on state laws.
NOD – short for a notice of default. This is an official notice from the lender that the borrower has defaulted on the mortgage. The notice formally begins the foreclosure process. The notice of default also outlines the reinstatement.
Reinstatement Period – the time stipulated in the notice of default in which the borrower may reinstate the loan, making required payments and bringing the account and a good standing.
Short Sale – a situation in which the seller owes more money on the loan than the sale of the property will likely produce on the market and is unable or unwilling to bring money to closing. The seller may or may not be in Pre-Foreclosure.
Notice of sale – if, after receiving the notice of default, the borrower does not reinstate the loan, the notice of sale is recorded. The notice of sale explains when and where the foreclosure sale will be held.
Foreclosure sale – also known as the sheriff’s auction or trustee sale, is when the property is auctioned for sale to the highest bidder.
Redemption Period – the amount of time that the distressed owner has to redeem the real estate after the foreclosure sale. Redemption typically requires that the owner pay the sales price, interest, and other costs. Not all states provide redemption.
REO – the acronym for real estate-owned. REO as the status of a property when a foreclosure sale is not successful and when ownership of the property is transferred involuntarily to the lender.
As with any real estate transaction, it is highly recommended that you seek both legal and tax advice from qualified professionals.
Anthony Phillips is a Las Vegas Realtor and has received his National Association of REALTORS® Short Sales and Foreclosure Resource certification and the Executive Financial Management certification from Cornell University.
Visit my site at http://www.mylvhomesales.com
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