foreclosure

American  

[fawr-kloh-zher, fohr-] / fɔrˈkloʊ ʒər, foʊr- /

noun

Law.

1. the act of foreclosing a mortgage or pledge.

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foreclosure Cultural  

1. A proceeding in which the financer of a mortgage seeks to regain property because the borrower has defaulted on payments.

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Other Word Forms

• antiforeclosure noun
• nonforeclosure noun

Etymology

Origin of foreclosure

First recorded in 1720–30; foreclose + -ure

Example Sentences

Previously, Nick covered the Treasury Department and U.S. housing and mortgage markets, including the government's response to the foreclosure crisis and its control of finance companies Fannie Mae and Freddie Mac.

From The Wall Street Journal

But the government guarantees mean investors aren’t on the hook if borrowers default or another foreclosure wave takes hold.

From MarketWatch

Not rebuilding could mean foreclosure, he said, which could remain on his credit report for seven years.

From The Wall Street Journal

The 2008 housing crash, in which nearly eight million Americans lost homes to foreclosure, offered entry into the largest asset class in the world at a significant discount.

From The Wall Street Journal

If the party remains unpaid, it can prompt a foreclosure sale of the property to secure compensation.

From Los Angeles Times