foreclosure

play
noun fore·clo·sure \(ˌ)fȯr-ˈklō-zhər\

Definition of foreclosure

  1. :  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

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.

1713

First Known Use of foreclosure

1713


Law Dictionary

foreclosure

play
noun fore·clos·ure \fōr-ˈklō-zhər\

Legal Definition of foreclosure

  1. 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. 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



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