Deed

The legal document transferring ownership or titleThe right to, and the ownership of, property. A title or deed is sometimes used as proof of ownership of land. to a property Deed-in-Lieu of ForeclosureA legal action that ends all ownership rights in a home when the homebuyer fails to make the mortgage payments or is otherwise in default under the terms of the mortgage.: The transfer of title from a borrower to the lenderThe lender providing funds for a mortgage. Lenders also manage the credit and financial information review, the property and the loan application process through closing. to satisfy the mortgageA loan using your home as collateral. In some states, the term mortgage is also used to describe the document you sign (to grant the lender a lien on your home). It also may be used to indicate the amount of money you borrow, with interest, to purchase your house. The amount of your mortgage often is the purchase price... debtMoney owed from one person or institution to another person or institution. and avoid foreclosure. Also called a “voluntary conveyance.”