foreclosure
Pronunciation: [fɔrˈkloʊʒər]
Word
Context: “finance”
(noun) a legal process where a bank or lender takes back a property because someone cannot pay their mortgage. This often happens when someone has trouble making their house payments, and the bank needs to get their money back.
Example
After his financial struggles, he faced foreclosure on his home.
Example
She was relieved that foreclosure did not happen after she found a new job.
Example
What happens to a house in a foreclosure?
Context: “real estate”
(noun) the situation where a property is officially taken over by a lender due to unpaid loans. It is often the result of long-term non-payment and can lead to the property being sold.
Example
The foreclosure of that property allowed the bank to recover its investment.
Example
Foreclosure can make it difficult for families to find a new home.
Example
How does foreclosure affect the housing market?
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