foreclosure

Definition

The legal process by which an owner's right to a property is terminated, usually due to default. Typically involves a forced sale of the property at public auction, with the proceeds being applied to the mortgage debt.

Use foreclosure in a sentence

Their house was in foreclosure and that meant that they would be losing it pretty soon, which was not cool.

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My brother moved back in with my wife and I after he lost his job, couldn't make payments on his house, and lost his house to foreclosure.

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It is unfortunate that Isaac's new strip mall is not drawing business or renters and is now facing foreclosure because they canït make payments towards it.

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