Michael Petruccelli asks; What is a delinquency?

Michael Petruccelli says;  Failure to make mortgage payments when mortgage payments are due. For most mortgages, payments are due on the first day of the month. Even though they may not charge a "late fee" for a number of days, the payment is still considered to be late and the loan delinquent. When a loan payment is more than 30 days late, most lenders report the late payment to one or more credit bureaus.

Michael Petruccelli asks; What is a down payment?

Michael Petruccelli says;  The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.

Michael Petruccelli asks; What is due-on-sale provision?

Michael Petruccelli says;  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.

Michael Petruccelli asks; What is an earnest money deposit?

Michael Petruccelli says;  A deposit made by the potential home buyer to show that he or she is serious about buying the house. 

Michael Petruccelli asks; what is eminent domain?

Michael Petruccelli says;  The right of a government to take private property for public use upon payment of its fair market value. Eminent domain is the basis for condemnation proceedings.

Michael Petruccelli asks; What is effective age?

Michael Petruccelli says;  An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.