| / English Dictionary |
FORECLOSURE
| Pronunciation (US): |  | (GB): | |
I. (noun)
Sense 1
Meaning:
The legal proceedings initiated by a creditor to repossess the collateral for loan that is in default
Classified under:
Nouns denoting acts or actions
Hypernyms ("foreclosure" is a kind of...):
legal proceeding; proceeding; proceedings ((law) the institution of a sequence of steps by which legal judgments are invoked)
Derivation:
foreclose (subject to foreclosing procedures; take away the right of mortgagors to redeem their mortgage)
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