/ˈfɔrklɒs/ (FOR-klos)

Definitions

1. verb

to deprive (a borrower) of the right to continue paying off a debt, especially by taking possession of the property securing it

“The bank threatened to foreclose on the house if the mortgage payment was not made on time.”

2. verb

to stop or refuse to pay (a debt) or to stop or refuse to accept something, such as a responsibility

“The company decided to foreclose on the project due to financial difficulties.”

3. noun

a legal act by which a mortgagee takes possession of a mortgaged property for nonpayment of mortgage

“The foreclosure of the property was a result of the homeowner’s failure to pay the mortgage.”