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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
Farlex Dictionary of Idioms. © 2022 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.
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References in periodicals archive ?
A blend of informal learning, essentially self-instruction, can work best when formal training and instruction forecloses non-sensical or careless options, as with school efforts to instruct students in human nature and human interdependence.
This permits any "legal holder of the indebtedness, a pledgee, an agent or a trustee" to foreclose on a defaulting borrower.
There has been speculation that once Pershing and Winthrop foreclose on Tishman Speyer, the pair would thrust the complex into bankruptcy rather than take on its huge mortgage, a situation that could allow the junior creditors more bargaining power to try to extract value from the property.
Will it not violate a secured creditor's statutory right to foreclose the mortgage in its favor?
The properties the bank plans to foreclose at "reserve sale prices," the minimum price at which the lender will accept a bid at the auctions, comprise demolished or derelict houses.
It wants to foreclose on the 1.5 acres near the northeast corner of Otter Creek and Stagecoach roads.
Moinian has been struggling to hold onto the building, which he renamed 3 Columbus Circle in conjunction with a roughly $100 million renovation, but was close to restructuring its $250 million mortgage before a venture led by Ross' the Related Companies and Deutsche Bank AG purchased the debt at nearly face value and filed to foreclose last week.
has moved to foreclose on one of the most valuable property assets of beleaguered Philippine Women's University the onehectare campus of Jose Abad Santos Memorial School (JASMS) along EDSA highway in Quezon City.
As the recession continues and the commercial real estate marketplace sours, more credit unions will unfortunately have to foreclose on commercial real estate properties secured by defaulted member business loans.
BancorpSouth Bank, the successor to American State Bank, is seeking to foreclose on the grass farm because Gravis defaulted on loans totaling $885,639, according to its lawsuit filed in Pulaski County Circuit Court.
Because the security interest is perfected under the U.C.C., the lender must resort to this Code to foreclose upon that collateral.
"Lenders are slower to foreclose when housing prices are in the dumps, and they calculate they will have to hold the properties for longer.
The IRS also is trying to foreclose on 662 acres that Fred Neal Jr.
Worcester is averaging 45 to 50 foreclosures per month, with more than 100 petitions to foreclose, according Mr.
National Bank of Arkansas of North Little Rock is trying to foreclose on several pieces of property owned by Quapaw Restoration Associates LLC.