WordValenoun
foreclosure
a lender seizing property after missed mortgage payments
In more detail
1. (noun) a legal process in which a bank or lender takes back a house or property from someone who has not paid their mortgage or loan
2. (noun) a property that has been taken back by a lender in this way
Examples
- 1. After losing his job, he fell behind on payments and faced foreclosure on his home.
- 2. The bank sold the foreclosure at an auction for a much lower price than the original house value.
Learn it for good
Save this word in WordVale and it comes back for review right before you'd forget it — with pronunciation, real examples, and optional translations. One purchase, no subscription.
Get WordValeFREE 7-DAY TRIAL · iPHONE & iPAD