Foreclosing

The act of taking possession of a property by a lender from a borrower who has failed to keep up with their mortgage payments. This legal process allows the lender to recover the outstanding debt by selling the property at a public auction or through private sale. foreclosing typically follows a series of missed payments and attempts by the lender to work with the borrower to rectify the situation.

Foreclosing meaning with examples

• After several missed payments on her mortgage, the bank began the process of foreclosing on her home, leaving her feeling anxious about her uncertain future.
• The economic downturn caused many banks to increase the frequency of foreclosing, resulting in a surge of homes being put on the market at lower prices.
• In an effort to avoid foreclosing on his property, John sought financial advice and explored options like loan modifications and forbearance agreements.
• Foreclosing not only affects the homeowner but also has a ripple effect on the surrounding neighborhood, often reducing property values and fostering instability.
• Following the rigorous process of foreclosing, the lender finally put the house up for auction, hoping to recover some of the outstanding mortgage balance.