Foreclosure
Pronunciation: /fɔːrˈkloʊʒər/
Foreclosure (noun)
- A legal process where a lender takes a property because the owner did not pay the mortgage as agreed.
- The point when the borrower loses legal rights to the property after missing required payments.
Examples
- The foreclosure happened after the owner missed several payments.
- Foreclosure can force families to move out quickly.