Glossary of Real Estate Terms (fo-fu)

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Footings

• Concrete foundations that support a structure.

Forbearance

• A course of action a lender may pursue to delay foreclosure or legal action against a delinquent borrower.

Foreclosure

• The legal process reserved by a lender to terminate the borrower's interest in a property after a loan has been defaulted. When the process is completed, the lender may sell the property and keep the proceeds to satisfy its mortgage and any legal costs. Any excess proceeds may be used to satisfy other liens or be returned to the borrower.

Forfeiture

• The relinquishing of property rights by a delinquent borrower.

For Sale By Owner (FSBO)

• The owner acts as the agent to avoid paying a sales commission.

Foundation

• The support structure of a house.

401(k) plans

• Financial plans that allow employees to set aside tax-deferred income for retirement or emergency purposes.

Foyer

• The entrance hall to a home or building.

Framing

• The construction of the skeletal framework of a house.

Freddie Mac

• The common name for the Federal Home Loan Mortgage Corporation, a congressionally chartered institution that buys mortgages from lenders and resells them as securities on the secondary mortgage market.

Free-market lots

• Owners of these types of lots may hire any builder to construct their home.

French doors

• Two adjoining doors inlaid with glass that open from the middle.

Frontage

• The portion of property that borders a roadway or body of water.

Fully amortized adjustable-rate mortgage

• A mortgage that amortizes, or pays down, the balance of a loan.

Furnace

• An enclosed heating device powered by coal, oil, propane or natural gas.

Fuse

• A device that allows power to be channeled into a home.