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Foreclosure Glossory
Foreclosure
A process that allows a lender to recover the amount owed on a defaulted loan by
selling or taking ownership (repossession) of the property securing the loan.
The foreclosure process begins when a borrower/owner defaults on loan payments
(usually mortgage payments) and the lender files the necessary documents to
begin the foreclosure proceedings.
Notice of Default (NOD)
A publicly recorded notice that a property owner has missed scheduled loan
payments for a loan secured by a property. Some states require lenders to record
a notice of default to begin the foreclosure process.
Lis Pendens (LIS)
A publicly recorded notice of a pending lawsuit against a property owner that
may affect the ownership of a property. Some states require lenders to file a
lis pendens to begin the foreclosure process if a borrower is in default on loan
payments.
Notice of Sale (NTS or NFS):
A document announcing the public sale of a property to recover a debt owed by
the owner of the property. The notice is mailed to parties affected by the sale
of a property, advertised in local publications and recorded in public records.
Among other information, it provides the date, time and location of the sale.
Foreclosure Sale
A public sale of a property to recover a debt owed by the owner of the property.
The sale can be officiated by a trustee, an attorney or a local government
official, depending on state law.
REO: Real Estate Owned by the lender, this status indicates the property is now owned by the lender or bank as a result of a foreclosure.
Lien
A legal claim on a property by a lender or other entity that is owed money by
the owner of the property. The entity that files the legal claim is called the
lien holder. If the owner does not pay off the loan or debt that is owed, the
lien holder can take steps to sell or repossess the property to recover the debt
owed (foreclosure).
Junior Liens
Liens that have a lower priority in terms of their legal claim on a property.
The priority is usually determined by the date when the lien was filed. The
first lien, or senior lien, against a property is usually the first mortgage or
deed of trust recorded when the owner bought the property. Junior liens are
typically cleared out a public foreclosure sale, but the purchaser at the sale
may be responsible to pay off senior or higher priority liens.
Deed of Trust
A legal document that dictates the terms of a loan used to buy a property and
transfers the ownership of the property to a third party called a trustee until
the loan has been paid in full. The trustee can sell the property to recover the
remaining loan balance for the lender if the borrower violates the terms of the
loan (i.e. does not make monthly payments).
Mortgage
A document that dictates the terms of a loan used to buy a property and gives
the lender some claim to the property (either ownership or a lien) until the
loan has been paid in full. The lender can take steps to have the property sold
to recover the remaining loan balance if the property purchaser violates the
terms of the loan (i.e. does not make monthly payments.)
Postponement
An announcement – usually made at the time and place of the originally scheduled
foreclosure sale – that establishes a new date and time for the sale.
Reinstatement
The stoppage of foreclosure proceedings and return to the original terms of a
loan that occurs when an borrower pays off the amount in default on the loan to
bring the loan payments current. The borrower’s chance to reinstate ends before
the public foreclosure sale in most states.
Bankruptcy
A legal recourse that allows a person or business to clear any debt obligations
by reorganizing the payment amount and payment schedule of those debt
obligations. A bankruptcy stalls the foreclosure process, not allowing a
foreclosing lender to proceed with the foreclosure until the bankruptcy
proceedings are completed or the court in charge of the bankruptcy allows the
lender to continue with the foreclosure.
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