Terms of Foreclosure and Their Definitions!

The Terms of Foreclosure and their definitions will help you understand the foreclosure process and better handle the situation you are in or are about to experience. Get a step ahead of the lenders by understanding what's going on and how to deal with it.

Most people enter a foreclosure blind, not knowing anything about the process. By that time, it's almost too late to figure out what's going on and you are susceptible to scams and expensive legal fees when all you have to do is ask for help.

The first step in learning the process of foreclosure is to learn the terms of foreclosure.

We will keep it as basic as we can so you can understand all of the terms of foreclosure you are learning.

Terms of Foreclosure
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A B C D E F G H I-K L M N-P Q-R S T U-Z

Terms of Foreclosure Beginning With "F"

Fair Market Value

Fair Market Value is the amount or value of a property at the point when it changes hands between a willing buyer and a willing seller, neither of which are being under any impulsive act to buy or sell and both having reasonable knowledge of the relevant facts about the property. This amount may differ from the assessed value of the property.

Fannie Mae

Fannie Mae is an official name of the Federal National Mortgage Association, one of the largest agencies that purchases mortgages from lenders and resells them as securities on the secondary mortgage market.

FHA

FHA is an acronym that stands for Federal Housing Administration. It is a branch of the Department of Housing and Urban Development (H.U.D.). Its basic function is to direct housing in a way that Congress mandates by issuing mortgage insurance to lenders for the loans they provide. With this loan insurance, lenders are more willing to lend with smaller down payments and at lower rates of interest because they have insurance on their investment.

• FHA Loans

An FHA loan offers low interest rate mortgages to buyers who are willing to make a down payment as small as 3 percent.

First Mortgage

A first mortgage is one that is in first position or the primary purchasing note on real property and has priority as a lien over all other mortgages or liens on that property.

Foreclosure

Foreclosure is a legal procedure when property used as security for a debt (such as a mortgage) is sold to satisfy the debt in the event that the payee is late on payments or defaults on the mortgage or terms of the mortgage. Foreclosure is the legal process where a lender demands the sale of real property that was guaranteed as a security for the debt owed to the lender when the debt has not been paid in full. 

Terms of Foreclosure Beginning With "G"