Foreclose: meaning, definitions and examples
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foreclose
[fɔːrˈkloʊz ]
Definition
legal context
Foreclose refers to the legal process through which a lender takes possession of a property when the borrower is unable to make mortgage payments. This process usually involves a court proceeding where the lender seeks the right to sell the property to recover the outstanding loan amount. Once a property is foreclosed, the homeowner typically loses all rights to it, and the lender can sell it at auction. Foreclosure can have serious financial repercussions for the borrower, impacting their credit score and ability to obtain future loans.
Synonyms
Examples of usage
- The bank decided to foreclose on the house after multiple missed payments.
- She was devastated when she received the notice that her property would be foreclosed.
- Many families were affected by the rising rates of foreclosures during the economic crisis.
Interesting Facts
Etymology
- The term 'foreclose' comes from the Old French word 'forclore', meaning to shut out or exclude.
- It has roots in the Latin phrase 'foris claudere', which translates to 'to shut out of doors'.
Legal Context
- The process of foreclosing generally involves legal actions taken by lenders against borrowers who default on their loans.
- In some cases, foreclosures can lead to auctions where the property is sold to recover the owed money.
- States have different laws regulating how foreclosures may proceed, affecting the timeline and process.
Economic Impact
- High rates of foreclosure can signal economic distress in a community, often leading to declining property values.
- During economic downturns, such as the 2008 financial crisis, foreclosures significantly increased, impacting millions.
Cultural Representation
- Foreclosure has been depicted in various media, including films and literature, often highlighting families' struggles.
- Songs and poems about foreclosures typically explore themes of loss, resilience, and hope for the future.
Psychological Effects
- Going through foreclosure can lead to emotional stress, anxiety, and feelings of failure for families.
- Studies show that individuals facing foreclosure may experience long-term impacts on mental health, including depression.
Translations
Translations of the word "foreclose" in other languages:
🇵🇹 execução hipotecária
🇮🇳 जप्त करना
🇩🇪 Zwangsvollstreckung
🇮🇩 penyitaan
🇺🇦 виселення
🇵🇱 przejęcie
🇯🇵 差し押さえ
🇫🇷 saisie
🇪🇸 ejecución hipotecaria
🇹🇷 ipotekli gayrimenkulün el konulması
🇰🇷 압류
🇸🇦 الحجز
🇨🇿 exekuce
🇸🇰 exekúcia
🇨🇳 止赎
🇸🇮 izvršitev
🇮🇸 fremkvæmd
🇰🇿 кепілдікке алу
🇬🇪 აღსრულება
🇦🇿 icra
🇲🇽 ejecución hipotecaria