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Glossary of Terms > F > FORECLOSURE

FORECLOSURE

The legal process by which a borrower in default is removed of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt. Check out the real estate section of your newspaper and you will usually see a few homes being sold under these provisions.

F Terms

FAIR MARKET VALUE (FMV)

FANNIE MAE (FNMA)

FEDERAL EMERGENCY MANAGEMENT AGENCY

FEDERAL HOUSING ADMINISTRATION (FHA)

FEDERAL RESERVE

FHA MORTGAGE

FIRST MORTGAGE

FIXED-RATE MORTGAGE

FLIPPING

FLOOD INSURANCE

FOR SALE BY OWNER

FORECLOSURE

FREDDIE MAC