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Stop foreclosure homes glossary
- F
Fair Market Rent
Fair Market Rents (FMR’s) are gross rent estimates that
comprise shelter rent and the cost of utilities. The U.S.
Department of Housing and Urban Development (HUD) sets FMRs
to guarantee that an adequate supply of rental housing available
to program participants.
Fair Market Value
The amount an article (such as property such as a house) would
sell for on the open market, excluding any explanatory status
such as a need to sell or buy quickly. The fair market value
for real estate is often dogged by examining the range of
selling prices for similar homes in the current economic environment.
Fee Simple
Means, an estate in which a person pays for both the
land and buildings on the property. It’s the complete
ownership of real property and the greatest possible interest
a person can have in real estate.
Foreclosure
It’s a legal process in which property securing debt
is sold by the lender to pay a non-payment borrower's debt.
This is a legal process by which the lender or the seller
forces a sale of a mortgaged property because the borrower
has not met the terms of the mortgage. It’s also known
as a repossession of property.
Fixture
It’s fixed or attached to something as a permanent appendage
such as the fixtures of a pump / the fixtures of a farm or
of a dwelling place which is a tenant that may not be taken
away. It is a personal property that becomes real property
when attached in a permanent manner to real estate.
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