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foreclosure
(redirected from Forclosure)

    Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia 0.01 sec.

foreclosure

Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. The lender may then declare the entire debt due and owing and may seek to satisfy it by foreclosing. Foreclosure is commonly by a court-decreed sale of the property to the highest bidder, who is often the lender. See also mortgage.

foreclosure
The depriving of the right to a property by legal transfer of title, esp. because of failure to maintain mortgage payments.
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