Foreclose: meaning, definitions and examples
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foreclose
[ fɔːrˈkloʊz ]
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.
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
Etymology
The term 'foreclose' has its origins in Middle English, derived from the Old French word 'forclore', which means 'to exclude' or 'to shut out'. This word is further traced back to the Latin 'foris', meaning 'outside'. Initially, foreclosing referred broadly to the exclusion of a right or privilege. Over the centuries, its usage evolved specifically in the context of property law, focusing on the lender's right to reclaim property when mortgage conditions are not met. The process of foreclosure became more common with the rise of mortgages in the 19th century, particularly as real estate practices and banking regulations developed. Today, it represents a critical aspect of real estate transactions and financial law, highlighting the legal protections afforded to lenders in the event of borrower default.