Foreclosure - Meaning, Definition & English Examples
Foreclosure is the legal process where a lender takes possession of a property when the borrower fails to make mortgage payments, often leading to its sale.
Definition:
Legal process where a lender seizes property due to unpaid mortgage payments.
Synonyms:
repossession, seizure, confiscation
Part of Speech:
noun
Antonyms:
loan approval, property ownership
Common Collocations:
foreclosure notice, avoid foreclosure, foreclosure auction, foreclosure crisis
Derivatives:
foreclose, foreclosing
Usage Tips:
Use "foreclosure" to describe the legal action taken when a borrower defaults on a mortgage.
Common Phrases:
facing foreclosure, stop foreclosure, foreclosure proceedings
Etymology:
From Old French "forclos," past participle of "forclore," meaning "to shut out."
Examples:
- 1. The bank initiated foreclosure after missed payments.
- 2. They lost their home to foreclosure last year.
- 3. Foreclosure rates rose during the economic downturn.
- 4. She sought legal help to avoid foreclosure.