Down Payment Money paid to make up the difference between the sales price and the mortgage loan

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Earnest Money: Money given by buyer as part of the contract terms which shows good faith usually placed in escrow at the closing title company.

Money held in a non interest account, by mortgage lender to pay taxes and insurance when due.

Foreclosure: Legal process by which the lender or seller forces a sale of a property because borrower has not followed the terms of the loan.

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