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)

Credits