FORECLOSURE

foreclosure

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

Source: WordNet® 3.1

Noun

foreclosure (countable and uncountable, plural foreclosures)

(legal) the proceeding, by a creditor, to regain property or other collateral following a default on mortgage payments

(psychoanalysis) The absence of a symbolic father for a fatherless child, as a cause for psychosis.

Source: Wiktionary

Fore*clo"sure, n.

Definition: The act or process of foreclosing; a proceeding which bars or extinguishes a mortgager's right of redeeming a mortgaged estate.

Source: Webster’s Unabridged Dictionary 1913 Edition

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