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
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

* * *

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

* * *

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 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

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.