Definition of foreclosure
: an act or instance of foreclosing; specifically : a legal proceeding that bars or extinguishes a mortgagor's right of redeeming a mortgaged estate
Recent Examples of foreclosure from the Web
People who fall behind on those payments may be at risk of facing foreclosure and losing their homes, according to the report.
Homes fell into foreclosure after their owners lost jobs or couldn’t keep up with the higher payments on risky, adjustable-rate mortgages.
First, there was confusion between he and a client over what his retainer covered in a foreclosure action.
Manhattan residential properties are rarely lost to creditors, with only 27 new residential foreclosures in Manhattan in the first quarter, PropertyShark reported last month.
The result was that foreclosure [rates] in minority communities far-exceeded that in white communities.
Bankers turned to LNR, a Florida firm that handles distressed real estate debt as a precursor to possible foreclosure.
And there's a foreclosure king running the Treasury Department.)
In 2008, the state had 117,000 foreclosures, the third-highest number in the country.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'foreclosure'. Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
First Known Use of foreclosure
Legal Definition of foreclosure
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 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 2
Seen and Heard
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