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

Some modest suspense is generated by the last-chance wager Hank makes with the banker — if the Green Bay Packers win the Super Bowl, foreclosure on the farm will be delayed interest-free for a year — and neatly avoids insulting our intelligence by taking the easy way out (in this area, at least). —Joe Leydon, Variety, 31 Jan. 2025

But the plans never materialized because of more than $449,000 in unpaid taxes and a foreclosure lawsuit. —Taylor O’Connor, Kansas City Star, 30 Jan. 2025

The Lowry Apartments were purchased for $7 million at a foreclosure auction last September by a subsidiary of real estate company Colliers International. —Frederick Melo, Twin Cities, 29 Jan. 2025

Palms property manager Dan Wayne of Plenty of Places Apartment Homes said the Palms had been neglected for some time before the current owners acquired it out of foreclosure. —Cathie Anderson, Sacramento Bee, 23 Jan. 2025

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