foreclosure
nounUK /fɔːˈkləʊʒə/
US /fɔːrˈkloʊʒər/
When someone cannot pay back money they borrowed for a house, the bank takes the house back.
The family lost their home in a foreclosure after missing many payments.
OTHER MEANINGS
2. The legal process a bank uses to take back property when a loan is not paid.
The foreclosure took several months to complete in court.
3. The act of shutting out or preventing something from happening.
The new rules led to the foreclosure of several options.
4. A legal ending of a right or claim, especially to property.
The court ordered the foreclosure of the old claim on the land.