foreclose
FinanceLv.4 (900)verb
Definition
to take legal possession of property because a borrower has failed to repay a loan
Examples
The bank decided to foreclose on the house after six months of missed payments.
The borrower negotiated in time and avoided having the lender foreclose.
Collocations
foreclose on a propertyforeclose a mortgagethreaten to foreclose
Paraphrase
repossess for unpaid debtseize collateral