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Default
Default The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.
RELATED TERMS--------------------------------------
Mortgage
A legal document pledging property as security for the payment of a loan.
SIMILAR TERMS--------------------------------------
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Deed of trust rider
The document required by the lender to be recorded along with the security instrument for an ARM.
Deed restriction
An imposed restriction in a deed that limits the use of the property.
Deed-in-lieu
To avoid foreclosure ("in lieu" of foreclosure), a deed is given to the lender to fulfill the obligation to repay the debt; this process doesn't allow the borrower to remain in the house but helps avoid the costs, time, and effort associated with foreclosure.
Deeds release fee
The fee charged to switch ownership from the mortgage lender to the borrower once the mortgage has been repaid.
Deep-seal floor drain
A drain used to dispose of water from the basement floor to a sewer line.
Default
Defeasance clause
A clause used in leases and mortgages that cancels a specified right upon the occurrence of a certain condition, such as cancellation of a mortgage upon repayment of the mortgage loan.
Defeasible fee estate
An estate in which the holder has a fee simple title that may be divested upon the occurrence or nonoccurrence of a specified event.
Defect
A condition that materially affects the value or use of residential property in an adverse manner.
Defect of record
Any encumbrance on a title that is made a part of the public record. Recorded defects include judgments, deeds of trust, mortgages, other liens and easements.
Defective title
Title to real property which lacks some of the elements necessary to transfer good title.
This dictionary contains 6433 terms. |
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