Debt Consolidation Glossary of Terms

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Glossary - D

debt
Money one person or firm owes to another person or firm.

deed
A document that provides title to property and is filed with a country recorder.

deed of trust
A legal agreement that allows the lender to ask a title or escrow company to begin foreclosure proceedings on a property if the borrower stops paying the loan.

default
The condition that occurs when a consumer fails to fulfill the obligations set out in a loan or lease.

delinquency
A situation in which the borrower has failed to make payments on time, as specified in an agreement.

deposit
Money given by a buyer when making a formal offer to bind the sale. Also called earnest money. It is also the term used for money placed in a bank or other financial institute.

depreciation
A decline in the value of property; the opposite of appreciation.

down payment
The amount of a property's purchase price that the buyer pays in cash and does not finance with a mortgage.

due-on-sale provision
A condition of a mortgage that states that the loan must be paid when the house is sold.