Definitions of "foreclose"
  1. The process by which a lender initiates legal actions against a borrower who has failed to repay a loan as agreed, primarily with intent to take possession and sell the property as a means to recover the loan amount
  2. The legal process through which a party holding a mortgage or other type of secured interest takes action to take ownership of the property due to the failure of the borrower to make the necessary payments
How to use "foreclose" in a sentence
  1. If the loan payments are not fulfilled, the bank may have to foreclose on the property.
  2. The lender decided to foreclose after numerous failed attempts to collect the debt.
  3. Upon continued failure of mortgage payments, the secured party has the right to foreclose the property.

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