POSTPONEMENT - Trustee Sales may be postponed by the Trustee at the direction of the lien holder. Notice may be given in advance or at the time and location specified for the intended sale.
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PRIVATE MORTGAGE INSURANCE (PMI) - A policy of insurance paid for by the borrower to protect the lender in the event the borrower defaults on the mortgage. Typically PMI is required by the mortgage holder when the down payment is less than 20% of the purchase price.
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REO - Short for Real Estate Owned. When a mortgage lender acquires a property, typically through foreclosure, it becomes real estate owned or REO.
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SHORT SALE - The sale of a home which is completed through negotiation with the existing lender(s) in which the lender(s) agrees to accept less than the full amount owed to satisfy the debt allowing the debt to be "paid off" short.
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TRUSTEE (Foreclosure Trustee) - A Foreclosure Trustee is appointed by the mortgage company when a mortgage reaches default status for the purpose of processing the foreclosure.
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TRUSTEES DEED - The deed given to the highest bidder at auction or to the foreclosing lender upon completion of the foreclosure.
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TRUSTEE SALE - Conducted by the Trustee. The property is sold at auction to the highest bidder or taken back by a foreclosing lender.
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