foreclosure

A remedy provided by state law for creditors secured by an interest in real property to obtain title to the property under certain conditions. American Banker Glossary
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Process by which the holder of a mortgage seizes the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract. Bloomberg Financial Dictionary

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foreclosure fore‧clo‧sure [fɔːˈkləʊʒə ǁ fɔːrˈkloʊʒər] noun [countable, uncountable] BANKING FINANCE PROPERTY
the act of foreclosing on a loan, or the right to do this:

• As an alternative to foreclosure, the court may order a sale of the property.

• the growing number of redundancies and mortgage foreclosures

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foreclosure UK US /fɔːˈkləʊʒər/ US  /fɔːrˈkloʊʒɚ/ noun [C or U]
FINANCE, PROPERTY the act of taking back property that was bought with borrowed money because the money was not being paid back as agreed: »

There are concerns about the current housing market, where prices are falling and foreclosures are rising.

go into/enter/face foreclosure »

When a number of homes go into foreclosure, neighborhood home values take a heavy hit.

»

home/mortgage foreclosures

»

a foreclosure filing/notice/suit

»

a foreclosure auction/sale


Financial and business terms. 2012.

Look at other dictionaries:

  • foreclosure — fore·clos·ure /fōr klō zhər/ n 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 …   Law dictionary

  • Foreclosure — Fore*clo sure (?; 135), n. The act or process of foreclosing; a proceeding which bars or extinguishes a mortgager s right of redeeming a mortgaged estate. [1913 Webster] …   The Collaborative International Dictionary of English

  • foreclosure — A termination of the mortgagor s rights in real property a trustee at the request of the mortgagee by virtue of a default (SA Bankruptcy.com) That action that a lender will take to repossess and sell a piece of property for defaults in mortgage… …   Glossary of Bankruptcy

  • foreclosure — (n.) 1728, from FORECLOSE (Cf. foreclose) + URE (Cf. ure) …   Etymology dictionary

  • foreclosure — [fôr klō′zhər] n. the legal procedure for satisfying claims against a mortgagor in default who has not redeemed the mortgage: satisfaction may be obtained from the proceeds of a forced sale of the property …   English World dictionary

  • Foreclosure — For Lacan s psychoanalytic process, see Foreclosure (psychoanalysis). House in Salinas, California under foreclosure, following the popping of the U.S. real estate bubble. Foreclosure is the legal process by which a mortgage lender (mortgagee),… …   Wikipedia

  • foreclosure — /forklowzhsr/ To shut out, to bar, to destroy an equity of redemption. Anderson v. Barr, 178 Okl. 508, 62 P.2d 1242, 1246. A termination of all rights of the mortgagor or his grantee in the property covered by the mortgage. The process by which a …   Black's law dictionary

  • foreclosure — /fawr kloh zheuhr, fohr /, n. Law. the act of foreclosing a mortgage or pledge. [1720 30; FORECLOSE + URE] * * * Legal proceeding by which a borrower s rights to a mortgaged property may be extinguished if the borrower fails to live up to the… …   Universalium

  • foreclosure — [[t]fɔː(r)klo͟ʊʒə(r)[/t]] foreclosures N VAR Foreclosure is when someone who has lent money to a person or organization so that they can buy property takes possession of the property because the money has not been repaid. [TECHNICAL] If… …   English dictionary

  • foreclosure — The legal right of a lender of money if the borrower fails to repay the money or part of it on the due date. The lender must apply to a court to be permitted to sell the property that has been held as security for the debt. The court will order a …   Accounting dictionary

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