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."

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.