foreclosure

noun

fore·​clo·​sure (ˌ)fȯr-ˈklō-zhər 

: 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

Because her mortgage is not getting paid, her mortgage lender filed a foreclosure lawsuit and has identified you as a potential heir. —Gary Singer, Sun Sentinel, 28 Nov. 2024

Homebuyers can take either a pre-purchase workshop — covering pre-approval for a mortgage, making an offer and the closing process — or a pre-closing workshop, which covers the closing process and topics like budget planning, home maintenance and foreclosure prevention. —Gabby Debenedictis, Hartford Courant, 26 Nov. 2024

The Gordon's Fireplace building is going to auction in a foreclosure sale next month, with a starting bid of $225,000. —Axios Portland, Axios, 20 Nov. 2024

Documents about the foreclosure proceeding note that the building had been vacant since 1983, though neighborhood watchers like Porter say it was closed up long before that. —Bridget Read, Curbed, 15 Nov. 2024

Word History

First Known Use

1713, in the meaning defined above

Legal Definition

foreclosure

noun

fore·​clos·​ure fōr-ˈklō-zhər 

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