Two- to Four- Family Property

A residential property that provides living space (dwelling units) for two to four families, although ownership of the structure is evidenced by a single deedThe legal document transferring ownership or title to a property Deed-in-Lieu of Foreclosure: The transfer of title from a borrower to the lender to satisfy the mortgage debt and avoid foreclosure. Also called a “voluntary conveyance.”...; a loan secured by such a property is considered to be a single-family 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....