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Foreclosure Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Fannie MaeAnother name for the Federal National Mortgage Association (FNMA), the nation’s largest mortgage investor. A government chartered secondary market organization that offers various mortgage purchase and securitization programs.
Federal Home Loan Mortgage Corporation (FHLMC)See Freddie Mac.
Federal Housing Administration (FHA)A federal agency within the Department of Housing and Urban Development (HUD) that provides mortgage insurance for residential mortgages and sets standards for construction and underwriting. The FHA does not lend money, nor does it plan or construct housing.
Federal National Mortgage Association (FNMA)See Fannie Mae.
fee simpleAn estate under which the owner is entitled to unrestricted powers to dispose of the property, and which can be left by will or inherited.
FHA debenturesInterest-bearing, negotiable securities issued by FHA to the mortgagee in repayment of the principal balance and allowable expenses incurred through foreclosure or deed in lieu of foreclosure.
FHA insuranceAn undertaking by FHA to insure the lender against loss arising from a default by the borrower.
fiduciaryOne acting in a relationship of trust, regarding financial transactions.
first mortgageA real estate loan that creates a primary lien against real property.
fixed-rate mortgage (FRM)A mortgage in which the interest rate and payments remain the same for the life of the loan.
forbearanceThe act of refraining from taking legal action despite the fact that the mortgage is in arrears. It is usually granted only when a mortgagor makes satisfactory arrangements to pay the amount owed at a future date.
foreclosureA legal procedure by which a mortgaged property is sold on default of the mortgagor in satisfaction of the mortgage debt.
foreclosure saleA forced sale of mortgaged property at public auction conducted either by the court or in some other prescribed fashion, with the proceeds of the sale going to satisfy the debt. The lender will usually bid at the foreclosure sale and if successful, sell the property to a third party after a period of time.
Freddie MacAnother name for the Federal Home Loan Mortgage Corporation (FHLMC). A government chartered secondary market organization that offers various mortgage purchase and securitization programs.