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Forbearance
Forbearance The act of refraining from taking legal action despite the fact that payment of a promissory note in a mortgage or deed of trust is in arrears.
RELATED TERMS--------------------------------------
Taking
A common synonym for condemnation, or any interference with private property rights, but it is not essential that there be physical seizure or appropriation.
Note
A written instrument acknowledging a debt and promising payment
Mortgage
A legal document pledging property as security for the payment of a loan.
Deed
A signed, written instrument that conveys title to real property.
Trust
An arrangement whereby legal title to property is transferred by the grantor (or trustor) to a person called a trustee, to be held and managed by that person for the benefit of another, called a beneficiary.
Arrears
Payment made after it is due is in arrears. Interest is said to be paid in arrears since it is paid to the date of payment rather than in advance.
SIMILAR TERMS--------------------------------------
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Flush
To open a cold-water tap to clear out all the water that may have been sitting for a long time in the pipes. In new homes, to flush a system means to send large volumes of water gushing through the unused pipes to remove loose particles of solder and flux.
FNMA 30 year Mortgage Commitment delivery 60 days
FNMA is the Federal National Mortgage Association, commonly known as Fannie Mae. It purchases Federal Home Administration, Veterans Affairs and conventional mortgages from primary lenders and sells them to investors.
Follow-on offering
A stock offering made by an existing public company
Footings
Concrete foundations that support a structure.
For sale by owner (FSBO)
Some owners choose to sell their own property without the aid of a real estate broker. "For Sale By Owner" properties are often a source of listings when the owner is unsuccessful finding qualified buyers.
Forbearance
Force majeure
A force that cannot be controlled by the parties to a contract and prevents them from complying with the provisions of the contract.
Foreclosure
A legal process in which mortgaged property is sold to pay the loan of the defaulting borrower.
Foreign currency mortgage
A mortgage is taken out in a foreign currency. These mortgages are taken out by those who want to avoid having to exchange currency each month or by those with high-risk attitudes who believe they can save by taking out a mortgage in a foreign currency.
Foreign Investment in Real Property Tax Act (FIRPTA)
Enacted by the United States Congress in 1985, the act requires buyers to withhold estimated taxes equal to 10% of the sale price of a property sold or exchanged by a foreign person.
Forfeiture
Loss of property because of violation of law or contract.
This dictionary contains 6433 terms. |
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