Short Sale, Lis Penden, Pre-Foreclosure, Foreclosure & REO Lately, these terms are being used on a daily basis in real estate, but not everyone knows their meaning.  Below are definitions for Short Sales, Lis Pendens, Pre-Foreclosures, Foreclosures and REOs.

Short Sale Any proposed sale which can only close if one or more mortgagee will release its mortgage without payment in full.

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Lis Penden Latin for "a suit pending".   (1) Term may refer to any pending lawsuit.   (2) A written notice that a lawsuit has been filed concerning real estate, involving title to the property or interest in it. The notice is usually filed in the county records office.  A mortgage holder will file a Lis Penden to begin the pre-foreclosure process.

Pre-Foreclosure Technically, any time after a mortgage is made, but practically, the time after default on a mortgage and before foreclosure is filed.

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Foreclosure A lawsuit in which a mortgagee is Plaintiff and all subordinate claimants are Defendants in which the relief requested is sale of the security to satisfy the debt and application of the proceeds to the debts in the order of their priority.

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REO Real Estate Owned.  Property which is in the possession of a lender as a result of foreclosure or forfeiture.

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