Deed
The legal document conveying title to a property.

Deed-in-lieu
Or deed in lieu of foreclosure," this transfers title to the lender when the borrower is in default and wants to avoid foreclosure. A deed-in-lieu can prevent foreclosure documents being recorded and become a matter of public record.

Default
If a mortgage payment is not made within 30 days of the due date, the loan is considered to be in default.

Delinquency
Failure to make mortgage payments when mortgage payments are due. Payment is considered delinquent if payment is not received by lender on due date.

Discount Points
A "point" is one percent of the loan amount.

Due-on-sale provision
A provision in most mortgages that allows the lender to demand repayment in full if the borrower sells the property secured by the loan.