foreclosures
Pronunciation: [fɔːrˈklɔːʒərz]
Word
Context: “finance”
(noun) a foreclosure happens when a bank takes back a house because the owner cannot pay their mortgage. It’s like when someone borrows money to buy a home but can’t repay it, the bank takes the home from them.
Example
Many houses in the neighborhood went into foreclosures, which made them available at lower prices.
Example
There were no foreclosures in the area last year, so prices remained stable.
Example
What should a homeowner do to avoid foreclosures?
Context: “legal”
(noun) foreclosure can also refer to the legal process that the bank uses to take back the house. This is the way that banks follow the law to reclaim houses when people don’t pay their loans.
Example
The foreclosure process can take several months to complete, allowing time for families to find solutions.
Example
The foreclosure process is not easy and can be very stressful for the homeowners involved.
Example
How long does the foreclosure process usually take?
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