Michael Petruccelli asks; What is a credit repository?

Michael Petruccelli says;  An organization that gathers, records, updates, and stores financial and public records information about the payment records of individuals who are being considered for credit.

Michael Petruccelli asks; What isa deed of trust?

Michael Petruccelli says;  Some states, like California, do not record mortgages. Instead, they record a deed of trust which is essentially the same thing.

Michael Petruccelli asks; What is a deed-in-lieu?

Michael Petruccelli says;  Short for "deed in lieu of foreclosure," this conveys title to the lender when the borrower is in default and wants to avoid foreclosure. The lender may or may not cease foreclosure activities if a borrower asks to provide a deed-in-lieu. Regardless of whether the lender accepts the deed-in-lieu, the avoidance and non-repayment of debt will most likely show on a credit history. What a deed-in-lieu may prevent is having the documents preparatory to a foreclosure being recorded and become a matter of public record.

Michael Petruccelli asks; What is a deed ?

Michael Petruccelli says;  The legal document conveying title to a property.

Michael Petruccelli asks; What is depreciation?

Michael Petruccelli says;  A decline in the value of property; the opposite of appreciation. Depreciation is also an accounting term which shows the declining monetary value of an asset and is used as an expense to reduce taxable income. Since this is not a true expense where money is actually paid, lenders will add back depreciation expense for self-employed borrowers and count it as income.

Michael Petruccelli asks; What is a deposit?

Michael Petruccelli says;  A sum of money given in advance of a larger amount being expected in the future. Often called in real estate as an "earnest money deposit."