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

The office buildings, located on The Alameda near downtown San Jose, could be seized through foreclosure if the loan isn’t repaid or a restructuring of the financing isn’t accomplished. —George Avalos, The Mercury News, 7 May 2024

The foreclosure index remains below its two-year average, while the bankruptcy index has climbed over the past year from low levels. —Russ Wiles, The Arizona Republic, 5 May 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