foreclosure — the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments
Part of speech: NOUN
Definition: the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments
Pronunciation (IPA): /ˈfɔːrkloʊʒər/
Example Sentences
- After losing his job, John couldn't avoid foreclosure on his dream house.
- The foreclosure notice arrived on the same day as his birthday cake - talk about bitter and sweet!
- Real estate investors often buy properties at foreclosure auctions for below-market prices.
foreclosure
NOUN[/ˈfɔːrkloʊʒər/]
the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments
The bank's foreclosure notice forced the family to leave their home.
Foreclosure brings disclosure, testing one's composure
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🎤Pronunciation
🌳Etymology
Origin
Foreclosure derives from Old French, combining 'fore' (before) and 'closure' (closing). The term originally meant to close or seize property in advance, specifically referring to a lender's exercise of security rights over collateral before a borrower has fully repaid a loan.
Breakdown
fore- (before, in advance) + closure (the act of closing or sealing). The compound conveys the legal action of prematurely closing a borrower's right to redeem mortgaged property.
🎵Rhyme
🔗Collocations
📝Examples
“After losing his job, John couldn't avoid foreclosure on his dream house.”
“The foreclosure notice arrived on the same day as his birthday cake - talk about bitter and sweet!”
“Real estate investors often buy properties at foreclosure auctions for below-market prices.”
“She hired a lawyer to fight the foreclosure, claiming the bank made an error in her payment records.”
📚Related Words
Synonyms
Antonyms
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