Key terms

While working with your mortgage company, it’s important to understand the mortgage terms that may be used so you can have a better (and easier) discussion with your mortgage company.

Title

The documented evidence that a person or organization has ownership of real property.

Voluntary Conveyance

The transfer of title from a homeowner to the mortgage company to satisfy the mortgage debt and avoid foreclosure; also called a "Deed-in-Lieu of Foreclosure."

Workout

Options to resolve or restructure a loan or prevent someone from going into foreclosure.