1. the legal process by which a lender takes possession of a property when the borrower fails to make mortgage payments
Usage: legal
2. the act of preventing or shutting out something
Usage: formal

Examples

• The family lost their home to foreclosure after missing several mortgage payments.
• Banks typically begin foreclosure proceedings after 90 days of non-payment.
• The foreclosure crisis affected millions of homeowners during the recession.
• They hired a lawyer to help them avoid foreclosure on their property.
• The foreclosure of all other options left them with no choice but to sell.
• Rising unemployment led to an increase in foreclosure rates nationwide.