Terms & Definitions

Debtee - One to whom a debt is due.

Debtor - One that owes something to another.

Deed - A written legal document by which title to land is conveyed (transferred) between two parties.

Equity - The difference between the current market value of the property and the amount the owner still owes on the mortgage. It is the amount, if any, the owner would receive after selling a property and paying off the mortgage.

Foreclosure - Foreclosure is the equitable proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a 'mortgage' or 'deed of trust'.

Loan Payoff - Full payment of a mortgage debt.

Mortgage - A temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt.

Mortgagee - One that holds a mortgage (i.e. homeowner).

Mortgager - One that mortgages property (i.e. a bank or an individual).

Short Sale - A real estate short sale is negotiating a lower price for a home than what is owed to the lender.

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QuickSale Home Buyers
5090 Richmond Avenue
Suite 296
Houston, TX 77056
(713) 906-4252