Glossary - F

Fannie Mae
Federal National Mortgage Association (also FNMA) is a private corporation, federally chartered to provide financial products and services that increase the availability and affordability of housing by purchasing mortgage loans.

 

Federal Housing Administration (FHA) Guarantee
An insurance contract in which HUD through FHA insures that the named lender will recover a specific percentage of the loan amount from the insurer (FHA) in the event that the loan goes bad.

 

Fee Simple Estate
The greatest interest in a parcel of land that it is possible to own. Sometimes designated simply as “Fee.”

 

Financing Statement
A document filed with the Register of Deeds or Secretary of State securing the title to personal property.

 

Fixtures
Any item of property so attached to real property that it becomes a part of the real property.

 

Flood Certification
A common term for a Federal Emergency Management Agency (FEMA) Standard Flood Hazard Determination Form (SFHDF). This determines whether land or a building is located within a Special Flood Hazard Area for purposes of flood insurance requirements under the National Flood Insurance Program.

 

Foreclosure
The act of selling real property by legal proceeding to satisfy the obligations of the landowner to a third party.

 

Foreclosure Certificate/Report
A list of the instruments affecting interest in a property subsequent to the recording of the lien being foreclosed. This is often used to determine who must be notified before foreclosure can be completed.

 

Forfeiture of Title
Provision in a deed creating a condition which will cause title to be passed to another should certain circumstances occur.

 

Freddie Mac
Federal Home Loan Mortgage Corporation (also FHLMC) is a stockholder owned corporation chartered by Congress that purchases mortgage loans.

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