Protecting Pennsylvania Property Since 1984
F
| Fannie Mae (FNMA) - Federal National Mortgage Association. A U.S. government sponsored corporation dealing in the purchase of first mortgages for the secondary market. |
Federally-insured loan - A mortgage loan that originates in a federally-insured governmental program like the FHA. |
Fee simple estate (or estate in fee simple absolute) - An estate in land of inheritance without condition belonging to the owner. |
FHA (Federal Housing Administration) - A federal agency that insures first mortgages, enabling lenders to lend a very high percentage of the sale price. |
Fixed-rate mortgage - A mortgage having a rate of interest that remains the same for the life of the mortgage. |
Fixtures - Personal property that is attached to real property and is treated as real property while it is attached, e.g., medicine cabinets, window blinds, and chandeliers. |
Flexible interest rate - See variable interest rate. |
Foreclosure - A legal proceeding following a default by a borrower in which real estate secured by a mortgage or deed of trust is sold to satisfy the underlying debt. |
Forgery - The fraudulent signing of another’s name to an instrument such as a deed, mortgage, or check. |
Freddie Mac (FHLMC) - Federal Home Loan Mortgage Corporation. A federal agency that purchases both conventional and federally-insured first mortgages from members of the Federal Reserve System and the Federal Home Loan Bank System. |
"Front Leg" Reverse Exchange - The Exchange Accommodation Titleholder (EAT) acquires and holds title to the taxpayer's relinquished property, allowing the taxpayer to acquire the replacement property from the third party seller. The taxpayer has 180 days to find a third party buyer and to transfer the "parked" relinquished property to this ultimate buyer. The taxpayer can "use" (lease) the property that is parked with the EAT. |
