foreclosure
UK: fɔːˈkləʊʒə | US: fɔːrˈkloʊʒər
n. the legal process by which a lender takes possession of a property due to the borrower's failure to repay the loan
n. the act of shutting out or excluding something
foreclosure = fore<before> + clos<close> + ure<noun suffix>
- fore (from Old English fore, meaning "before" or "in front of")
- clos (from Latin clausus, past participle of claudere, meaning "to close")
- ure (a noun-forming suffix indicating an action or process, from Latin -ura)
Etymology Origin:
The word foreclosure originates from the legal concept of "closing before" or "shutting out." It combines fore- (suggesting precedence) with close (to shut) and the suffix -ure (denoting a process). Historically, it referred to the lender's right to "close off" the borrower's ownership of a property due to unpaid debt, effectively excluding them from further claims. The term reflects the irreversible nature of the legal action.
The bank initiated foreclosure proceedings after the homeowner defaulted on the mortgage.
Many families lost their homes during the 2008 financial crisis due to widespread foreclosures.
The court delayed the foreclosure to allow the borrower time to negotiate a repayment plan.
Activists protested against unfair foreclosure practices targeting low-income communities.
He managed to avoid foreclosure by refinancing his loan at a lower interest rate.