|Fair market value
See market value.
Common name for the Federal National Mortgage Association, which buys and sells loans in the secondary mortgage market
Mortgage on a property that is superior to any other. It is the first to be paid in the event of foreclosure.
Any personal property that has been permanently attached to real property and therefore included in the transfer of real estate. The kitchen sink is a fixture.
Legal action instigated by a lender to end all ownership rights when mortgage payments have not been kept up.
Common name for the Federal Home Loan Mortgage Corporation, which buys and sells loans in the secondary mortgage market.
Ownership of real property that is to be used and/or sold at the owner’s discretion.
Acronym for Federal Housing Authority, an agency created within the Department of Housing and Urban Development (HUD) that insures mortgages on residential property, with downpayment requirements usually lower than prevailing ones.
Person acting in a position of trust, responsibility and confidence for another, such a broker for his client.