foreclose on (something)

foreclose on (something)

To take possession of a property to satisfy a debt owed (often related to unpaid mortgage payments). Typically done by banks and other such mortgage lending institutions. You know, the bank can foreclose on your house if you don't pay your mortgage. Well, all of our efforts amounted to nothing in the end, really: the bank decided to foreclose on the property regardless of the money we raised. Between my mother's bout with cancer, Jenny losing her job, and the bank threatening to foreclose on the house, our family has really been through a lot this year.

See also: foreclose, on

Farlex Dictionary of Idioms. © 2024 Farlex, Inc, all rights reserved.

foreclose on something

to take the property on which a mortgage is held; to satisfy an unpaid loan by taking ownership of the property put up for security on the loan. If you don't pay, we will be forced to foreclose on your house. The bank foreclosed on our property.

See also: foreclose, on

McGraw-Hill Dictionary of American Idioms and Phrasal Verbs. © 2002 by The McGraw-Hill Companies, Inc.