Page 11 of 29Glossary Last Update

5/2024 Modules 5.2, 5.3 Deed restrictions Legally enforceable terms that govern the use of property. These terms are transferred with covenant, condition, restriction, or restrictive covenant. Module 3.1 Default The inability to make timely payments or fulfill legal obligations of loan terms. Mortgage loans are typically considered in default when a payment has not been made after 60 to 90 days. Modules 1.2, 2.1, 2.2, 3.1, 4.1, 4.2, 5.1, 5.2, 5.3, 6.1 Deficiency judgment An assessment of liability when a court holds a property owner responsible for any finalized if the sale does not cover the full amount owed.