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

If the owners don’t present viable plans for renovation, the properties will likely be headed to foreclosure by the city, Perez said. —Kenneth R. Gosselin, Hartford Courant, 14 July 2024

Now the dispute has grown to involve the possible foreclosure of Nader’s extensive art collection and the building housing that collection. —Karen K. Ho, ARTnews.com, 13 July 2024

Scammers also target homeowners at risk of foreclosure. —Kim Komando, USA TODAY, 11 July 2024

Houston’s foreclosure rates jumped 37% in the first quarter from a year earlier, Bloomberg News reported, the highest among metro regions in the country, including several in Florida. —Mark Gongloff, The Mercury News, 11 July 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