foreclosure Definition
- 1the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments
- 2the process of taking away someone's right to pay back a debt by taking away their property
Using foreclosure: Examples
Take a moment to familiarize yourself with how "foreclosure" can be used in various situations through the following examples!
Example
The bank initiated foreclosure proceedings on the property.
Example
Foreclosure rates have been increasing due to the economic downturn.
Example
The family lost their home due to foreclosure.
foreclosure Synonyms and Antonyms
Synonyms for foreclosure
Phrases with foreclosure
a legal process in which a lender takes possession of a property after a court order
Example
The lender filed for judicial foreclosure after the borrower failed to make payments.
non-judicial foreclosure
a legal process in which a lender takes possession of a property without going through the court system
Example
Non-judicial foreclosure is allowed in some states if it is specified in the mortgage agreement.
a public auction of a foreclosed property to recover the unpaid mortgage balance
Example
The foreclosure sale attracted many potential buyers looking for a good deal.
Origins of foreclosure
from Old French 'forclos', meaning 'shut out'
Summary: foreclosure in Brief
Foreclosure [fawr-kloh-zher, fohr-] is the legal process of taking possession of a mortgaged property when the owner fails to make payments. It can also refer to the process of taking away someone's right to pay back a debt by taking away their property. Examples include 'The bank initiated foreclosure proceedings on the property' and 'Foreclosure rates have been increasing due to the economic downturn.' Foreclosure can be either judicial or non-judicial, and may involve a foreclosure sale.
