foreclosure

noun

fore·​clo·​sure (ˌ)fȯr-ˈklō-zhər 

: an act or instance of foreclosing

specifically : a legal proceeding that bars or extinguishes a mortgagor's right of redeeming a mortgaged estate

Examples of foreclosure in a Sentence

Recent Examples on the Web

The downtown Oakland foreclosure suggests the post-coronavirus economic maladies that have infected the commercial property markets in the Bay Area have yet to run their course. —George Avalos, The Mercury News, 13 June 2024

Typically, a foreclosure means the building will go up for an auction so investors can recoup as much of the loan as possible, said Sara Coers, the associate director of the IU Center for Real Estate Studies. —Binghui Huang, The Indianapolis Star, 12 June 2024

Ultimately Shangri-La defaulted on payments, sending the projects into receivership and, eventually, foreclosure. —Doug Smith, Los Angeles Times, 7 June 2024

The Department of Veterans Affairs has extended a moratorium on foreclosures for vets with GI Bill home loans. —Quil Lawrence, NPR, 7 June 2024

Word History

First Known Use

1713, in the meaning defined above

Legal Definition

foreclosure

noun

fore·​clos·​ure fōr-ˈklō-zhər 

1

: a legal proceeding that bars or extinguishes a mortgagor's equity of redemption in mortgaged real property see also deficiency judgment at judgment, redeem, right of redemption, statutory foreclosure, strict foreclosure sense 1

2

: the extinguishment (as under the provisions of Article 9 of the Uniform Commercial Code) of the rights of a debtor in personal property subject to a security interest by judicial proceedings and especially by judicial sale see also strict foreclosure sense 2