Foreclosure Meaning and Definition
Foreclosure
Pronunciation
/ˈfɔr.kloʊ.sər/
Part of Speech
Noun
Definition
A legal process by which a lender takes possession of and sells property to recoup the amount owed on a mortgage due to the borrower’s failure to make payments.
Etymology
From Old French ‘foreclore’, meaning ‘to shut in’, and ‘closure’, meaning ‘sealing or locking up’, reflecting the process of sealing off a property to prevent further trespassing.
Usage Notes
Foreclosure is typically used in financial or legal contexts, especially when discussing mortgages or real estate transactions.
Cultural References
Foreclosure has appeared in various films, TV shows, and literature, often as a plot point or symbol of financial struggles. Notable examples include ‘The Big Short’ (2015), ‘The Wolf of Wall Street’ (2013), and ‘The Brief Wondrous Life of Oscar Wao’ (2007).
Idiomatic Expressions or Phrases
“In foreclosure” (meaning in the process of being repossessed), “to put a property in foreclosure” (meaning to initiate the legal process), and “under foreclosure” (meaning the property is being sold due to delinquency).
Related Words or Phrases
- Mortgage
- Debt
- Borrower
- Predictions
Collocations
- Foreclosure rate
- Foreclosure market
- Foreclosure process
- Foreclosure prevention
Frequency of Use
Foreclosure is a relatively uncommon term, but its usage has increased in recent years due to the global financial crisis and prolonged economic downturn.
Common Misspellings
- Forculus
- Furclusure
- Foreclsure