Foreclosure is when someone who has lent money to a person or organization so that they can buy property takes possession of the property because the money has not been repaid.
[business]
If homeowners can't keep up the payments, they face foreclosure.
If interest rates go up, won't foreclosures rise?
foreclosure in American English
(fɔrˈkloʊʒər)
noun
the legal procedure for satisfying claims against a mortgagor in default who has not redeemed the mortgage: satisfaction may be obtained from the proceeds of a forced sale of the property
foreclosure in Finance
(fɔrkloʊʒər)
Word forms: (regular plural) foreclosures
noun
(Finance: Mortgage)
Foreclosure is the act of a lender, especially a mortgage lender, taking the collateral on a loan when loan payments are not made.
If you do not make your mortgage payments, the bank will put your house into foreclosure.
Sales of a home from foreclosure proceedings are used to pay off the loans in the order they were recorded.
Foreclosure is the act of a lender, especially a mortgage lender, taking the collateral on aloan when loan payments are not made.
Examples of 'foreclosure' in a sentence
foreclosure
The church asked a court to block the foreclosure on its property.
Christianity Today (2000)
Now nearly a third of all homes are in foreclosure and property prices are half what they were two years ago.
Times, Sunday Times (2012)
In other languages
foreclosure
British English: foreclosure NOUN
Foreclosure is when someone who has lent money to a person or organization so that they can buy property takes possession of the property because the money has not been repaid.
If homeowners can't keep up the payments, they face foreclosure.