Debt
ratio The total monthly debts including house payment,
but excluding utilities, food and clothing, divided by the
borrower's total gross monthly income.
Deed
The document that transfers ownership of real property from
one party to another.
Deed in
lieu A deed given by the borrower to the lender to
satisfy a debt and avoid foreclosure.
Deed
of trust In some states, the document used in place of a mortgage.
Default
Breach or nonperformance of a clause in either a note or mortgage
that, if not cured, could lead to foreclosure.
Deferred
maintenance Existing but unfulfilled requirements
for repairs and rehabilitation.
Deficiency
judgment A court order to pay the balance owed on
a loan if the proceeds from the sale of the security are insufficient
to pay off the loan. Not allowed in all states.
Delinquent
The status of a mortgage with a payment that is past due.
Depreciation
A loss of value in real estate property brought about by age,
physical deterioration, or functional or economic obsolescence.
Broadly, a loss in value from any cause. The opposite of appreciation.
Discount
points A fee charged to lower an interest rate. A
point is 1% of the loan amount. |
