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Foreclosure

fore·clo·sure Audio Help (fôr-klō'zhər, fōr-)
noun The act of foreclosing, particularly when a legal proceeding by which a mortgage is foreclosed.


Foreclose

fore·close (fôr-klōz', fōr-)
verb fore·closed, fore·clos·ing, fore·clos·es

To deprive (a mortgagor) of the right to redeem a mortgaged property, for example when payments have not been made. To bar an equity or a right to redeem (a mortgage).


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