real estate
foreclosure
The legal process by which a lender takes possession of a property when the borrower fails to make mortgage payments.
Example
"After missing six months of payments, the bank began foreclosure proceedings on the house."
💡 Memory Tip
FORE-closure — the FORE (bank) CLOSES the door on you. You lose the property.
Etymology
From Old French 'forclos' meaning 'excluded, shut out' — the borrower is shut out of their home.
Common Misspellings
foreclousureforeclosuerforclosureforclousure