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
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Recent Examples of foreclosure from the Web
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Yet most of that relief came the bad way, as families shed mortgage debt through foreclosures and distressed sales during the housing-market cataclysm.
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The auction, scheduled for July 19 in lower Manhattan, would mark the biggest foreclosure in the city’s residential history.
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Property owner Joseph Tages, 71, lost the land after getting into legal and financial trouble that forced him into foreclosure.
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Experts say historic underemployment and a foreclosure crisis that hit black communities hard are among the reasons why African Americans are missing out on a quintessential part of the American dream.
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On just one street in East Price Hill -- McPherson Avenue -- almost half the properties went into foreclosure.
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Investors often help the area improve because some of the homes need expensive repairs or the owner is in danger of foreclosure.
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A home in the pre-foreclosure stage could lead to a short sale. •
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Alvarez and other banking officials say the number of foreclosures is decreasing because the record number reported last year reflected what happened in previous years.
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
1713
Financial Definition of FORECLOSURE
foreclosure
What It Is
Foreclosure occurs when a lender seizes and sells a borrower's collateral after the borrower has failed to repay the lender. The term is most often associated with real estate.
How It Works
Why It Matters
The foreclosure process can take several months, if not years, and it does long-term damage to a person's credit report. It is important to note that foreclosure laws vary by state, and they affect the order or duration of these steps. It is also important to note that the federal Fair Debt Collection Practices Act affects foreclosure proceedings by stipulating the methods lenders can use to go after bad debts.
[Click here to read Seven Ways to Stop a Foreclosure on Your Home]
Law Dictionary
foreclosure
playLegal 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
Learn More about foreclosure
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See words that rhyme with foreclosure Nglish: Translation of foreclosure for Spanish speakers Britannica English: Translation of foreclosure for Arabic speakers Britannica.com: Encyclopedia article about foreclosure
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