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Vocabulary Entry
foreclosure
|noun • verb
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N
noun
The process of taking possession of a property when the owner fails to keep up with mortgage payments.
Example Sentences
"The bank announced the foreclosure of several properties in the area."
"He faced foreclosure after losing his job."
"Many families were affected by the rise in foreclosures during the housing crisis."
V
verb
To take possession of a property through legal means due to failure to pay mortgage or debt.
Example Sentences
"The bank may foreclose on the house if payments are not made."
"They were worried that the lender would foreclose before they could sell it."
"After several missed payments, the lender decided to foreclose on the property."