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Vocabulary Entry
foreclose
|verb • noun
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V
verb
To take possession of a property due to the owner's failure to pay the mortgage or meet other obligations.
Example Sentences
"The bank decided to foreclose on the house after the homeowner missed several payments."
"If you can't meet your mortgage payments, be aware that the lender may foreclose on your property."
"She fought to keep her home, but eventually, the bank foreclosed because she couldn't find a way to pay the debt."
N
noun
The legal process by which a lender takes possession of a property when the borrower fails to comply with the mortgage agreement.
Example Sentences
"The foreclose was initiated after the family's financial situation worsened."
"He sought legal advice to understand the foreclose process and explore his options."
"Many neighborhoods saw an increase in foreclose rates during the economic downturn."