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foreclosure

/fɔːrˈkloʊʒər/ /fɔːrˈkloʊʒʊr/

Meanings
noun
The proceeding, by a creditor, to regain property or other collateral following a default on mortgage payments

Examples :

"After missing several mortgage payments, the family faced foreclosure on their house. "
property finance law business economy

Related Words

Illustration fatherless

fatherless adjective

/ˈfɑːðərˌlɪs/ /ˈfɑːðɚˌlɪs/

Without a (living) father.

"The fatherless boy struggled to find a male role model after his dad passed away. "

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 creditor

creditor noun

/ˈkredɪtər/ /ˈkredɪtɔr/

A person to whom a debt is owed.

"My aunt is a creditor because I owe her money for the new bike. "

Illustration following

following verb

/ˈfɒləʊɪŋ/ /ˈfɑloʊɪŋ/

To go after; to pursue; to move behind in the same path or direction.

"Follow that car!"

Illustration collateral

collateral noun

/kəˈlætəɹəl/

A security or guarantee (usually an asset) pledged for the repayment of a loan if one cannot procure enough funds to repay.

"To secure a loan for a new car, Sarah offered her savings account as collateral. "

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.)."

Illustration psychosis

psychosis noun

/saɪˈkəʊsɪs/ /saɪˈkoʊsɪs/

A severe mental disorder, sometimes with physical damage to the brain, marked by a deranged personality and a distorted view of reality.

"The doctor diagnosed him with psychosis after he started believing he could read people's minds and that his neighbors were spies. "

Illustration suspected

suspected verb

/səsˈpɛktɪd/

To imagine or suppose (something) to be true, or to exist, without proof.

"to suspect the presence of disease"

Illustration psychiatrist

psychiatrist noun

/ˌsaɪˈkaɪ.ə.tɹɪst/

A medical doctor specializing in psychiatry.

"My uncle is a psychiatrist who helps people with mental health issues. "

Illustration proceeding

proceeding verb

/pɹəˈsiːdɪŋ/

To move, pass, or go forward or onward; to advance; to carry on

"To proceed on a journey."

Illustration symbolic

symbolic adjective

/sɪmˈbɑlɪk/ /sɪmˈbɒlɪk/

Pertaining to a symbol.

"The red ribbon was a symbolic gesture of support for the team. "