FORECLOSE Meaning and
Definition
-
Foreclose is a verb that denotes the act of legally depriving a borrower of their rights to a property due to their failure to make mortgage payments as agreed upon. This action is usually initiated by a financial institution, such as a bank or mortgage lender, with the aim of recovering the outstanding debt by selling the property in question.
When a borrower becomes delinquent on their mortgage payments, the lender can initiate foreclosure proceedings. This involves the lender legally enforcing their right to claim ownership of the property in order to recover the outstanding debt. Foreclosure typically follows a specific legal process, which varies across jurisdictions. It typically includes the lender filing a foreclosure lawsuit, providing notice to the borrower, and conducting a foreclosure sale.
Foreclosure can have severe consequences for the borrower, as it may result in the loss of their property and negatively impact their credit rating. Once the foreclosure process is complete, the property is usually sold, typically at a public auction, in an attempt to recoup the unpaid debt. If the proceeds from the sale exceed the amount owed, the surplus may be returned to the borrower. However, if the sale falls short of the outstanding debt, the lender may pursue further legal action to recover the remaining balance.
In summary, foreclose is the legal action taken by a lender to claim ownership of a property as a means of recovering unpaid mortgage debt, typically due to the borrower's failure to make payments according to the agreed terms.
-
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Top Common Misspellings for FORECLOSE *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for FORECLOSE
Etymology of FORECLOSE
The word "foreclose" originated from the Old English term "foreclōsian", which is a combination of "fore" (meaning before, in front) and "clōsian" (meaning to shut, to close). This Old English term was borrowed from the Old French word "forclos", which has the same meaning. Both the Old English and Old French terms can be further traced back to the Latin term "foris claudere", which also means to shut, to close.
Idioms with the word FORECLOSE
-
foreclose on sth
The idiom "foreclose on something" typically refers to the legal process where a lender or mortgage holder takes possession of a property due to the borrower's inability to make mortgage payments. It involves the lender exercising their right to sell the property to recover the outstanding debt.
Similar spelling words for FORECLOSE
- Virgouleuse,
- four o'clock,
- fireclays,
- foreclosure,
- Freckles,
- Firekills,
- Forkless,
- phereclus,
- virgules,
- Frockless,
- feroculus,
- verglas,
- ferroglass,
- Verruculose.
Conjugate verb Foreclose
CONDITIONAL PERFECT
I
would have foreclosed
you
would have foreclosed
he/she/it
would have foreclosed
we
would have foreclosed
they
would have foreclosed
I
would have foreclose
you
would have foreclose
he/she/it
would have foreclose
we
would have foreclose
they
would have foreclose
CONDITIONAL PERFECT PROGRESSIVE
I
would have been foreclosing
you
would have been foreclosing
he/she/it
would have been foreclosing
we
would have been foreclosing
they
would have been foreclosing
CONDITIONAL PRESENT
I
would foreclose
you
would foreclose
he/she/it
would foreclose
we
would foreclose
they
would foreclose
CONDITIONAL PRESENT PROGRESSIVE
I
would be foreclosing
you
would be foreclosing
he/she/it
would be foreclosing
we
would be foreclosing
they
would be foreclosing
FUTURE
I
will foreclose
you
will foreclose
he/she/it
will foreclose
we
will foreclose
they
will foreclose
FUTURE CONTINUOUS
I
will be foreclosing
you
will be foreclosing
he/she/it
will be foreclosing
we
will be foreclosing
they
will be foreclosing
FUTURE PERFECT
I
will have foreclosed
you
will have foreclosed
he/she/it
will have foreclosed
we
will have foreclosed
they
will have foreclosed
FUTURE PERFECT CONTINUOUS
I
will have been foreclosing
you
will have been foreclosing
he/she/it
will have been foreclosing
we
will have been foreclosing
they
will have been foreclosing
IMPERATIVE
you
foreclose
we
let´s foreclose
to foreclose
PAST CONTINUOUS
I
was foreclosing
you
were foreclosing
he/she/it
was foreclosing
we
were foreclosing
they
were foreclosing
PAST PARTICIPLE
foreclosed
PAST PERFECT
I
had foreclosed
you
had foreclosed
he/she/it
had foreclosed
we
had foreclosed
they
had foreclosed
PAST PERFECT CONTINUOUS
I
had been foreclosing
you
had been foreclosing
he/she/it
had been foreclosing
we
had been foreclosing
they
had been foreclosing
PRESENT
I
foreclose
you
foreclose
he/she/it
forecloses
we
foreclose
they
foreclose
PRESENT CONTINUOUS
I
am foreclosing
you
are foreclosing
he/she/it
is foreclosing
we
are foreclosing
they
are foreclosing
PRESENT PARTICIPLE
foreclosing
PRESENT PERFECT
I
have foreclosed
you
have foreclosed
he/she/it
has foreclosed
we
have foreclosed
they
have foreclosed
PRESENT PERFECT CONTINUOUS
I
have been foreclosing
you
have been foreclosing
he/she/it
has been foreclosing
we
have been foreclosing
they
have been foreclosing
PRESENT SUBJUNCTIVE
he/she/it
foreclose
SIMPLE PAST
I
foreclosed
you
foreclosed
he/she/it
foreclosed
we
foreclosed
they
foreclosed
Infographic
Add the infographic to your website:
