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foreclose

verb [I or T] (TAKE POSSESSION)
 
 
/fɔːˈkləʊz/ US  /fɔːrˈkloʊz/ specialized

Definition

(especially of banks) to take back property that was bought with borrowed money because the money was not being paid back as formally agreedBorrowing, lending and debtStarting, succeeding and failing in business foreclosure
 
 
/-ˈkləʊ.ʒər/ US  /-ˈkloʊ.ʒɚ/ noun [U] specialized
(Definition of foreclose verb (TAKE POSSESSION) from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)

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