The highest price that a buyer would pay and the lowest price a seller would accept on a property. Market value may be different from the price a property could actually be sold for at a time when the market is not influenced by adverse economic conditions or excess inventory.
A voluntary lien filed against property to secure a debt, usually a loan. To foreclose, the lender must often institute a court action and the borrower may have the right to reclaim the property after foreclosure.
One-half percent that borrowers pay each month on FHA insured mortgage loans. It is insurance from FHA to the lender against incurring a loss due to a default by the borrower.
