Foreclosure
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British pronunciation/fɔːklˈə‍ʊʒɐ/
American pronunciation/fɔɹˈkɫoʊʒɝ/

Definition & Meaning of "foreclosure"

Foreclosure
01

the legal proceedings initiated by a creditor to repossess the collateral for loan that is in default

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Rising interest rates were the final nail in the coffin for many overextended homeowners, pushing them into default and foreclosure.
The lender agreed to write off the mortgage debt for the family facing foreclosure.
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Definition & Meaning of "Foreclosure"
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