noun
- legal processes by which lenders take possession of property when borrowers fail to make mortgage payments
Usage: legal; finance
Examples
- The housing crisis led to thousands of foreclosures in the neighborhood.
- Banks must follow strict procedures when initiating foreclosures.
- Many families lost their homes due to foreclosures during the recession.
- The attorney specializes in helping clients avoid foreclosures.
- Foreclosures often result in properties being sold at auction.
- The city saw a sharp increase in foreclosures last year.