FORECLOSURE • DICTIONARY ONE.COM • Definition of Foreclosure

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/fɔrklˈoʊʒər/ Listen

Foreclosure

noun

The legal proceedings initiated by a creditor to repossess the collateral for loan that is in default.

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Etymology of 'Foreclosure'

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"Foreclosure" Quotes from Famous Books

... his mortgage. What of his crops and barn destroyed, I knew he would be unable to meet it. So I got a shrewd, close-mouthed, tight-fisted money-lender to get the mortgage transferred to him. I did not appear but through this agent I forced the foreclosure, and but few days (no more, believe me, than the law allowed) were given John Claverhouse to remove his goods and chattels from the premises. Then I strolled down to see how he took it, for he had lived there upward of twenty years. But he met me with his saucer-eyes ...

— Moon-Face and Other Stories • Jack London

... property," murmured Mr. Barrows regretfully. "The bonds were perfectly good. There was a defect in the foreclosure proceedings which made them a permanent underlying security of the reorganized company—under The Northern Pacific R.R. Co. vs. Boyd; you know—but the court refused to hold that way. They never will hold the way you want, will they?" He looked ...

— Tutt and Mr. Tutt • Arthur Train

... have is in this venture. The old farm paid for the Island Queen—or will, if I don't get back in time to prevent foreclosure. All my staid New England relatives think me mad. A copra gatherer! A fine career for a minister's son! Think how your father scrimped to send you to college—Aunt Sarah reproached me. Well, when I get home with my Spanish doubloons there will be another story to ...

— Spanish Doubloons • Camilla Kenyon

Words linked to "Foreclosure" : legal proceeding, proceeding, proceedings, foreclose