Foreclosing: meaning, definitions and examples
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foreclosing
[ fɔrˈkloʊzɪŋ ]
legal action
Foreclosing refers to the legal process by which a lender takes possession of a property due to the borrower's failure to make mortgage payments. This process typically occurs after a series of missed payments and leads to the sale of the property to recover the owed amount.
Synonyms
foreclosure, repossession, seizure
Examples of usage
- The bank initiated foreclosing after three missed payments.
- Many homeowners face the threat of foreclosing during economic downturns.
- The foreclosing process can take several months to complete.
Translations
Translations of the word "foreclosing" in other languages:
🇵🇹 execução hipotecária
🇮🇳 फोरक्लोज़िंग
🇩🇪 Zwangsvollstreckung
🇮🇩 penyitaan
🇺🇦 вилучення
🇵🇱 przejęcie
🇯🇵 差し押さえ
🇫🇷 saisie
🇪🇸 ejecución hipotecaria
🇹🇷 ipotekalı gayrimenkulün el konulması
🇰🇷 압류
🇸🇦 حجز
🇨🇿 exekuce
🇸🇰 exekúcia
🇨🇳 止赎
🇸🇮 izvršitev
🇮🇸 fórkloðun
🇰🇿 бұғаттау
🇬🇪 ამორტიზაცია
🇦🇿 ipotekanın icrası
🇲🇽 ejecución hipotecaria
Etymology
The term 'foreclose' originates from the Middle English word 'foreclosen', which is derived from the combination of 'fore-' meaning 'before' and 'close' meaning 'to shut'. The practice of foreclosing can be traced back to the development of property rights and mortgage systems in England, particularly during the Middle Ages. As the financial system evolved, so did the legal processes surrounding loans and mortgages, leading to formalized foreclosure procedures that are seen today. Over the centuries, foreclosing has become a significant aspect of real estate law, particularly in contexts where borrowers are unable to meet their repayment obligations.