deed-in-lieu of foreclosure
A deed to real property from a defaulting borrower that is handed over to the lender in order to avoid the necessity of having the lender go through the formal foreclosure proceedings. This can keep negative credit information off the borrower's credit report.
Failure to make a mortgage payment on time.
The decrease of the value of a property based on market fluctuations.
A "point" is one percent of the loan amount. A seller or borrower must pay a certain amount of these to their lender in order to get a loan at a specified lower interest rate. Specific to government loans such as FHA and VA.
An initial payment of the total selling price.
An acceleration clause granting the lender the right to demand full payment of the loan when the property is sold.