"It seemed that every home in our block was up for foreclosure and we didn't think we had any way out. We knew that we owed more on the house than it was worth and were very tempted to just let the foreclosure process play out. Then my husband found out about foreclosure help from 1st Foreclosure Prevention. We contacted them and found that we could get out of the house without having to endure the foreclosure process. This company presented us with options that we didn't even know existed. Not only that, but we're glad we didn't go through the foreclosure process because my husband lost his job, got a new one and the employer did a credit check! This company really helped us out."
"When we found out that our house was worth a lot less than what we paid for it, we were pretty upset. We thought we had made an investment when we purchased our property, but as it turns out, it was a poor investment. We wanted to get out of the house but couldn't even sell it. We thought about just giving it to the bank, but they didn't want it. We had no idea what to do, but then I found out about 1st Foreclosure Prevention. They were able to give us the foreclosure help that we needed and even helped us with the short sale process. We were able to walk away from a bad investment with hardly any damage to our credit thanks to them."
"We called 1st Foreclosure Prevention right away because a friend of ours who went through foreclosure in Florida told us about them. We knew that the sooner we acted to stop foreclosure, the better our chances. They gave us a lot of help and we were able to prevent foreclosure. Their loss mitigation specialists were great, too. They knew the laws in our state better than we did and they also had a lot of options for us that we never would have considered. Thanks to them, we are much better off. We're glad our friend recommended them and now we will do the same for others."
"I was so stressed out in trying to figure out how I was going to stop foreclosure from happening to me that I actually had to see a doctor for stress. I struggled hard to buy my condo and wanted to keep my home and save my home from foreclosure. But it was getting difficult because the mortgage amount kept going up. I had an adjustable rate mortgage and the rate kept rising. On top of that, I lost my job and got behind in payments. I thought that this was it, I was not going to be able to stop foreclosure. Then I found 1st Foreclosure Prevention. They were able to stop foreclosure from happening to me and allow me to keep my condo. I am now all caught up, have a new job and happier than ever thanks to them."
"I struggled so hard to buy my home for me and my children and thought I got a good deal on a loan. But then I found out that the loan amount was going to go up each month. I wasn't able to afford the new payments. I had gotten a new job after being laid off, but my new job didn't pay as much as the old one. I was really figuring that I was in trouble. I wanted to save my home from foreclosure, but didn't know how. I called 1st Foreclosure Prevention and they treated me with compassion and respect. They knew all about the law, too, and how to stop foreclosure. They gave me a totally free foreclosure evaluation and explained all my options to me. Because of them, I was able to save my home from foreclosure."
"I really thought that there was nothing you could do to stop foreclosure once it started. I was wrong. I found out that a borrower has plenty of rights and can get foreclos"
Home / Foreclosure Dictionary
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Foreclosure Dictionary, Foreclosure Terms, Foreclosure Definitions
FHLMC
See Federal Home Loan Mortgage Corporation
First Lien
The first debt recorded against a property.
First Mortgage
Usually the first lien on the property and the one that gets paid off first in the event of foreclosure.
FNMA
See Federal National Mortgage Association
For Sale By Owner (FSBO)
Property that is marketed by an owner without the assistance of a real estate broker.
Forbearance
When a lender will either hold off on payments of a mortgage or lower them voluntarily - usually in response to a request from a borrower, loss mitigation specialist or attorney. Borrower will still have to pay the amount of money due on loan.
Foreclosure
When lender sells property to repay debt owed without borrower’s consent.
Fraud
False statements or information that results in a loss from an individual or entity.
Freddie Mac
(See Federal Home Loan Mortgage Company)
Freeze Order
Also called an automatic stay. In foreclosure, it refers to an order to freeze foreclosure proceedings and is issued by bankruptcy court.
FSA
A department used to regulate Federal Savings Associations.
Full Assumption
When a buyer takes over a property, takes on the old loan that the seller had with the permission of the lender and assumes responsibility for the title.
Fair Credit Reporting Act
Law regulating the actions that are taken by creditors to collect debt and the rights of borrowers regarding the information that they are entitled to see pursuant to their credit reports.
Fair Market Value (FMV)
Amount of money that a buyer can e expected to pay for a home and a seller would normally accept in a real estate transaction.
Fannie Mae
(See Federal National Mortgage Association)
FCL
Abbreviation used for foreclosure and reflected on credit report.
Federal Deposit Insurance Corporation (FDIC)
Federal agency insuring banks and savings and loans to protect money deposited in the bank by individuals and businesses in case the bank becomes insolvent.
Federal Home Loan Mortgage Corporation (Freddie Mac)
Now a government owned entity that buys and guarantees mortgages made by savings and loan associations.
Federal Housing Administration (FHA)
Regulatory governmental agency that oversees real estate industry and insures lenders on repayment of FHA based loans.
Federal National Mortgage Association (Fannie Mae)
Now a government owned entity that buys and guarantees mortgages made by mortgage companies.
Federal Savings And Loan Insurance Corporation (FSLIC)
Former agency that insured deposits in Savings an Loan Associations, similar to FDIC. Now part of FDIC.
FHA Guidelines
Rules used by Federal Housing Administration regarding property value, income level of borrowers, inspection of property and amount of money paid in fees for FHA backed loan.
FHA Mortgage
A mortgage that is backed by the Federal Housing Administration.
