What is REO?
REO is "Real Estate Owned" property owned by the bank after taking possession of property from a foreclosure. When a property is sold through a foreclosure auction, its owner usually owes more to the lender than the market value of the property itself. This is often a barrier to selling the property, and sometimes such foreclosure auctions do not draw any bidders. As a result, the title reverts back to the lenders holding the lien. For more information, read this article "Buying a REO "


What is Notice of Default? (NOD):

A notice of default is a notification given to a borrower stating that he or she has not made their payments by the predetermined deadline. It dictates that if the money owed (plus an additional legal fee) is not paid in a given time, the lender may choose to foreclose the borrower's property. Any other people whom may be affected by the foreclosure may also receive a copy of the notification.

What is Notice of Sale? (NOS):

The notice which a lender is usually required to give before foreclosure sale of collateral.