foreclose on

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.
See also: foreclose, on

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
References in periodicals archive ?
Lower interest rates on floating loans have helped to slow the need to restructure or foreclose on troubled properties," says Patrick Leardo, director of Coopers & Lybrand's Real Estate Restructuring and Bankruptcy Services Group.