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English definition of “foreclosure”

foreclosure

noun [C or U]
 
 
/fɔːˈkləʊʒər/ US   /fɔːrˈkloʊʒɚ/
FINANCE, PROPERTY the act of taking back property that was bought with borrowed money because the money was not being paid back as agreed: There are concerns about the current housing market, where prices are falling and foreclosures are rising.go into/enter/face foreclosure When a number of homes go into foreclosure, neighborhood home values take a heavy hit. home/mortgage foreclosures a foreclosure filing/notice/suit a foreclosure auction/sale
(Definition of foreclosure from the Cambridge Business English Dictionary © Cambridge University Press)
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