NATIONAL HOMEOWNERS COLLEGE

An order from one having authority, deciding what is to be done by a subordinate; also, a determination by one having power, ...A judicial decision.

A signed document that transfers ownership of property from one party to another.

A three party security instrument conveying the legal title to real property as security for the repayment of a loan. The three parties included in a deed of trust are the borrower, lender and trustee.

An instance where borrowers voluntarily convey their rights in a property to the lender.

A mortgage or deed of trust is said to be in default when the borrower fails to make the payments as agreed to in the original promissory note.

A personal judgment against the borrower for the remaining balance on the loan after a foreclosure sale.

The taking and recording of testimony of a witness under oath before a court reporter in a place away from the courtroom before trial. A deposition is part of permitted pre-trial discovery (investigation), set up by an attorney for one of the parties to a lawsuit demanding the sworn testimony of the opposing party (defendant or plaintiff), a witness to an event, or an expert intended to be called at trial by the opposition.