Definition of “foreclosure” - English Dictionary


“foreclosure” in Business English

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foreclosurenoun [ C or U ]

uk /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)