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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, by the bank, with the proceeds of the sale being applied to the home mortgage debt. Check out the real estate section of your newspaper and you will usually see a few homes being sold under these provisions. People facing foreclosure can sometimes get out of it through refinancing their home loans.

F Terms

Fair Market Value

Fannie Mae

Federal Housing Administration (FHA)

FHA Mortgage

FICO

First Mortgage

Fixed-rate Mortgage

Flipping

Flood Insurance

For Sale by Owner (FSBO)

Forbearance Agreement

Foreclosure

Freddie Mac

Front-end Fee