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foreclosed

/fɔːrˈkloʊzd/ /fɔːrˈkloʊst/

Meanings
verb
To repossess a mortgaged property whose owner has failed to make the necessary payments; used with on.

Examples :

"They have to move out of their house because the bank foreclosed on their mortgage."
property finance business economy law

Related Words

Illustration mortgager

mortgager noun

/ˈmɔːrɡɪdʒər/ /ˈmɔːrɡədʒər/

One who uses property they own as security for a loan; the borrower in a mortgage agreement.

"The mortgager was relieved when the bank approved their loan to buy a new home. "

Illustration redeeming

redeeming verb

/rɪˈdiːmɪŋ/ /riˈdiːmɪŋ/

To recover ownership of something by buying it back.

"After saving enough money, Maria is redeeming her grandmother's antique clock from the pawn shop. "

Illustration something

something noun

/ˈsamθɪŋ/ /ˈsʌmθɪŋ/

An object whose nature is yet to be defined.

"My friend told me there was something in the box, but I didn't know what it was yet. "

Illustration because

because adverb

/bɪˈkɒz/ /biˈkɔz/

For the reason (that).

"I went to the park because the weather was nice. "

Illustration repossess

repossess verb

/ˌriːpəˈzɛs/ /ˌrɛpəˈzɛs/

To reclaim ownership of property for which payment remains due.

"The bank repossessed the car because the owner hadn't made the monthly payments. "

Illustration premises

premises noun

/ˈpɹɛməsiːz/

Land, and all the built structures on it, especially when considered as a single place.

"The school's new premises are much larger and better equipped than the old ones. "

Illustration payments

payments noun

/ˈpeɪmənts/

The act of paying.

"My monthly car payments are due on the 15th of each month. "

Illustration mortgage

mortgage noun

/ˈmɔː.ɡɪdʒ/ /ˈmɔɹ.ɡɪdʒ/

A special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed (not movable) property, such as a house or piece of farm land. The assets are registered as the legal property of the borrower but the lender can seize them and dispose of them if they are not satisfied with the manner in which the repayment of the loan is conducted by the borrower. Once the loan is fully repaid, the lender loses this right of seizure and the assets are then deemed to be unencumbered.

"To buy a house, John took out a mortgage. "

Illustration mortgaged

mortgaged verb

/ˈmɔːrɡɪdʒd/ /ˈmɔːrɡɪdʒt/

To borrow against a property, to obtain a loan for another purpose by giving away the right of seizure to the lender over a fixed property such as a house or piece of land; to pledge a property in order to get a loan.

"We mortgaged our house in order to start a company."

Illustration judgment

judgment noun

/ˈdʒʌdʒ.mənt/

The act of judging.

"The teacher's judgment of the student's essay was based on clear criteria. "

Illustration necessary

necessary noun

/ˈnɛsəsɹɪ/ /ˈnɛsəˌsɛɹi/

(usually with the definite article) A place to do the "necessary" business of urination and defecation: an outhouse or lavatory.

"The school's new addition includes a modern necessary. "

Illustration property

property noun

/ˈpɹɒp.ət.i/ /ˈpɹɑp.ɚt.i/

Something that is owned.

"Important types of property include real property (land), personal property (other physical possessions), and intellectual property (rights over artistic creations, inventions, etc.)."