An amount owed to another. See installment loan and revolving
The legal document conveying title to a property.
A deed given by a mortgagor to the mortgagee to satisfy a debt and
avoid foreclosure. Also called a "voluntary conveyance."
deed of trust
The document used in some states instead of a mortgage; title is
conveyed to a trustee.
Failure to make mortgage payments on a timely basis or to comply with
other requirements of a mortgage.
Failure to make mortgage payments when mortgage payments are due.
A sum of money given to bind the sale of real estate, or a sum of
money given to ensure payment or an advance of funds in the processing of
a loan. See earnest money deposit.
A decline in the value of property; the opposite of appreciation.
The rights of a widow in the property of her husband at his death.
The part of the purchase price of a property that the buyer pays in
cash and does not finance with a mortgage.
A provision in a mortgage that allows the lender to demand repayment
in full if the borrower sells the property that serves as security for the
This terminology is usually used for second mortgages. See due-on-sale