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Debt-to-Income (DTI) is a calculation frequently used by mortgage companies when qualifying borrowers for a mortgage or a workout solution to resolve delinquency. It is calculated by comparing how much you pay on your mortgage(s) to your gross monthly income.
A legal document under which ownership of a property is conveyed.
A borrower is in default when they fail to meet the terms of their loan agreement. Usually this is based on failure to make payments on time.
Payments that are authorized to be postponed as part of a workout process to avoid foreclosure.
The difference between what a foreclosed home sold for and the remaining mortgage balance. The mortgage company may require you to pay the amount of the deficiency balance.
Failure to make a payment when it is due. A loan is generally considered delinquent when it is 30 or more days past due.