What does forclosure mean Meaning and Definition
What does forclosure mean
Pronunciation
/ˈforˌkloʊsər/
Part of Speech
Noun
Definition
The legal process by which a lender takes possession of a property when the borrower fails to make mortgage payments.
Examples
- Many homeowners are struggling to avoid foreclosure due to the economic downturn.
- The bank began the foreclosure process on the delinquent mortgage after repeated attempts to negotiate a payment plan with the borrower.
Synonyms
- Repossession
- Mortgage default
Antonyms
- Mortgage payoff
- Loan satisfaction
Etymology
The word “foreclosure” comes from the Old French “forclus,” meaning “to shut off” or “to close off,” which was derived from the Latin “forclusare,” meaning “to shut off” or “to cut off.”
Usage Notes
In informal contexts, the term “foreclosure” may be used more broadly to refer to any situation in which a lender takes possession of an asset due to a borrower’s default.
Cultural References
The process of foreclosure has been featured in numerous films, television shows, and books, including “The Pursuit of Happyness” and “The Secret Life of Walter Mitty.”
Idiomatic Expressions or Phrases
Foreclosure also often appears in idiomatic expressions, such as “fighting to avoid foreclosure” or “foreclosed on the house.”
Related Words or Phrases
- Mortgage
- Loan
- Repossess
Collocations
- Foreclosure on a house
- Mortgage foreclosure
- Home foreclosure
Frequency of Use
Foreclosure is a commonly used term in modern language, particularly in the context of real estate and finance.
Common Misspellings
- forclosure
- forclosur
- forcerce