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Debt: The owed amount.
Deed: The legal document that shows title
to a property.
Deed in Lieu of Foreclosure: A deed to
real property accepted by a lender from a
defaulting borrower to avoid the necessity of
foreclosure proceedings by the lender.
Deed of Trust: Like a mortgage, a
security instrument whereby real property is
given as security for a debt. However, in a deed
of trust there are three parties to the
instrument: the borrower, the trustee, and the
lender, (or beneficiary). In such a transaction,
the borrower transfers the legal title for the
property to the trustee who holds the property
in trust as security for the payment of the debt
to the lender or beneficiary. If the borrower
pays the debt as agreed, the deed of trust
becomes void. If, however, he defaults in the
payment of the debt, the trustee may sell the
property at a public sale, under the terms of
the deed of trust. In most jurisdictions where
the deed of trust is in force, the borrower is
subject to having his property sold without
benefit of legal proceedings. A few States have
begun in recent years to treat the deed of trust
like a mortgage.
Default: Failure to make a mortgage
payment within a specified period of time. For
first mortgages or first trust deeds, the loan
is in default if a payment has still not been
made within 30 days of the due date.
Deferred Maintenance: Existing
requirements for repairs and rehabilitation but
has yet to be performed.
Deficiency Judgment: A personal claim
against the debtor when the sale of foreclosed
property does not yield sufficient proceeds to
pay off the debt.
Delinquency: Failure to make mortgage
payments before the due date.
Deposit: A sum of money given in advance
of a larger amount being expected in the future.
Depreciation: Loss of value in real
property due to age, physical deterioration,
etc.
Deterioration: Reflecting the loss in
value brought due to wear and tear,
disintegration, use in service, and the actions
of the elements.
Discount Fee: A fee charged by the lender
in order to obtain a higher earning than the
interest stated in the mortgage note.
Discount Points: The total percentage
amount in addition to the one percent loan
origination fee in government loans. A
"point" is one percent of the loan
amount.
Documentary Transfer Tax: A state
enabling act allows cities and counties to adopt
a documentary transfer tax to apply on all
transfers of real property located within their
jurisdictions.
Down Payment: The amount of the purchase
price of a property that the buyer pays in cash
and does not finance with a mortgage.
Due-On-Sale Provision: A rule in a
mortgage allowing the lender to demand repayment
in full if the borrower sells/transfers the
property that serves as security for the
mortgage.
Duress: To unlawfully force action or
inaction against a person's will.
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