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2835 Grand Ave., Suite B
Laramie, WY 82070
(307) 742-2099
  
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GLOSSARY OF TERMS
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- debt
- An amount owed to another.
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- deed
- The legal document conveying title to a property.
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- deed-in-lieu
- A deed given by a mortgagor to the mortgagee to satisfy a debt and
avoid foreclosure.
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- deed of trust
- The document used in some states instead of a mortgage; title is
conveyed to a trustee.
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- default
- Failure to make mortgage payments on a timely basis or to comply
with other requirements of a mortgage.
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- delinquency
- Failure to make mortgage payments when mortgage payments are due.
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- deposit
- 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.
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- depreciation
- A decline in the value of property; the opposite of appreciation.
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- down payment
- The part of the purchase price of a property that the buyer pays in
cash and does not finance with a mortgage.
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- due-on-sale provision
- 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 mortgage.
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