foreclosure

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

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

Examples of foreclosure in a Sentence

Recent Examples on the Web

The sector seemed to get a boost from the foreclosure crisis, which seems reasonable given that millions of people who lost homes probably had to move into smaller rentals or share housing. Ryan Dezember, WSJ, "Got Junk? Self-Storage Investors Hope So," 21 Dec. 2018 The money, about $800,000, was part of a $2.4 million transfer to the account following a foreclosure sale Prins conducted for a client. Patrick Danner, San Antonio Express-News, "Disgraced ex-San Antonio lawyer Prins gets six-year prison sentence," 15 May 2018 Most of the 43 overall growth in older renters since 2016 has been among households earning under $30,000 a year, reflecting the long-term damage of the foreclosure crisis, as well as the aging of low-income renters. Patrick Sisson, Curbed, "Senior housing: Older Americans face affordability, accessibility challenges," 14 Nov. 2018 As a result, serious mortgage delinquency rates and foreclosure rates have dwindled to practically nothing since the crisis. Jeff Andrews, Curbed, "10 years after the financial crisis, is the housing market still at risk?," 29 Aug. 2018 The Mulberry house was posted for the June foreclosure auction but Cocchia’s company sold it May 11, property records show. Patrick Danner, San Antonio Express-News, "Troubled tech startup Vysk seems to have gone stealth," 23 June 2018 Jackson County Executive Frank White's house is once again in foreclosure proceedings and set for auction next month on the courthouse steps. Mike Hendricks, kansascity, "Frank White faces losing his house to foreclosure for the third time since 2016," 17 Apr. 2018 Martha Kavanaugh granted a motion dismissing a 1996 foreclosure action against Ralph and Paula Blasey, according to the records. Robert Gearty, Fox News, "Brett Kavanaugh's mother is judge who dismissed a foreclosure action against accuser Ford's parents," 18 Sep. 2018 Sin City was one of the poster children of the housing bust last decade, as the average home there lost more than 60 percent of their peak-bubble value and foreclosures reached six times the national average, according to Zillow. Mike Rosenberg, The Seattle Times, "Seattle dethroned as nation’s hottest housing market after nearly two years," 28 Aug. 2018

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.

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First Known Use of foreclosure

1713, in the meaning defined above

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Last Updated

21 Jan 2019

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The first known use of foreclosure was in 1713

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More Definitions for foreclosure

foreclosure

noun

Financial Definition of 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

In general, there are eight events involved in a foreclosure (in this example, we assume the borrower has obtained a mortgage for a house from the lender).

1. The borrower signs a contract agreeing to repay the lender over a period of time, usually in predetermined installments.
2. The borrower misses one or more payments.
3. The lender sends the borrower one or more notices of delinquency.
4. The borrower and the lender try to adjust the repayment schedule so that the borrower is more likely to make at least some of the payments until he or she gets back on his feet. (This process is called special forbearance or mortgage modification.)
5. The borrower misses additional payments.
6. The lender sends the borrower a notice of default and initiates foreclosure proceedings.

A) In a judicial foreclosure, a court confirms the amount owed to the lender and gives the borrower a set amount of time to pay up ("cure the default").
B) In a nonjudicial foreclosure, the loan document authorizes the lender to sell the property to recover the loan balance.
7. The lender puts the property up for sale and publishes a notice of the sale in the local paper. The notice includes a description of the property, the name of the borrower, and other information. The borrower might file Chapter 13 bankruptcy to stop the foreclosure temporarily.
8. A public auction occurs during business hours, and the highest bidder is usually entitled to buy the property. At that point, the borrower cannot get the property back unless he or she buys it back.

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]

Source: Investing Answers

foreclosure

noun
fore·​clos·​ure | \ fōr-ˈklō-zhər \

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 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

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More from Merriam-Webster on foreclosure

Rhyming Dictionary: 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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