verb to take possession of a property from a borrower in default of mortgage payments
In real estate, 'foreclose' refers to the legal process by which a lender takes possession of a property from a borrower who has defaulted on their mortgage payments.
In legal contexts, 'foreclose' is a term used in property law to signify the act of terminating a borrower's right to redeem a property by failing to make required payments.
In finance, 'foreclose' is used to describe the action of a lender seizing collateral, such as a house or car, to recover the outstanding debt from a borrower.
In banking, 'foreclose' is a common term used to describe the process by which a financial institution enforces its rights as a secured creditor to take possession of collateral.
The writer included a scene in their novel where the protagonist's childhood home was foreclosed upon, adding depth to the character's backstory.
The psychologist worked with clients who were facing foreclosure on their homes, providing support and counseling during a stressful time.
The real estate agent helped clients navigate the process of foreclosing on a property, ensuring all legal requirements were met.
The banker was responsible for initiating foreclosure proceedings on delinquent loans, following strict guidelines and regulations.
The lawyer specialized in foreclosure law, representing clients in court cases related to property foreclosure and providing legal advice.