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D

Debt

An amount owed to another. See installment loan and revolving liability.

Deed

The legal document conveying title to a property.

Deed of Trust

The document used in some states instead of a mortgage; title is vested in a trustee to secure repayment of the loan.  It is recorded in public records.

Deed-in-lieu

A deed given by a borrower to the lender to satisfy a debt and avoid foreclosure. Also called a "voluntary conveyance."

Default

Failure to make loan payments on a timely basis or to comply with other requirements of a mortgage.

Deficiency Judgment

Personal claim against the debtor when the sale of foreclosed property does not yield sufficient proceeds to pay off the mortgages, accrued interest, legal fees, etc.

Delinquency

Failure to make mortgage payments when due.

Delinquent Mortgage

A mortgage for which the borrower has failed to make payments as required in the loan documents. If the borrower can't bring the payments current within a certain time period, the lender may initialize foreclosure proceedings.

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. See earnest money deposit.

Depreciation

A decline in the value of property because of physical or economic changes such as wear and tear; the opposite of appreciation.

Discount Points

Amounts paid to the lender at origination to lower the rate on the face of the note. See point.

Down Payment

The part of the purchase price of a property that the buyer pays in cash and does not finance with a home loan.

Draw Period

The time period in which the borrower may access and use a line of credit.

Due-on-sale provision

A provision in a mortgage home loan that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the loan.