WordValeforeclosure
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.
How to use foreclosure
Foreclosure is a formal legal and financial term used primarily in real estate and banking contexts. It refers both to the legal process initiated by a lender and to the resulting property. The word is neutral in tone but carries negative connotations since it involves loss of property. It differs from repossession in being specific to real estate mortgages rather than personal property.
Common phrases
- foreclosure proceedings
- foreclosure rate
- face foreclosure
- in foreclosure
- foreclosure crisis
Synonyms
repossession · seizure · appropriation · reclamation
Word family
foreclose (verb) · foreclosing (adjective)
A common mistake
Learners sometimes use 'foreclosure' as a verb (e.g., 'the bank will foreclosure the house') when the correct verb is 'foreclose' ('the bank will foreclose on the house').
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