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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

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 ?
Not all of the bondholders of the senior mortgage have agreed with CW Capital's goal to foreclose.
They also seek to rapidly foreclose the opportunity for the client to continue utilizing maladaptive tactics and seeking permanently elusive goals.
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.
When banks foreclose on such properties, they frequently do so in the name of a 100% wholly owned, separate for-profit corporation.
Gravis also used his Little Rock home to secure some of the loans, and the bank wants to foreclose on the house.
By the time I arrived, HUD was no longer willing to discuss a workout and, since it is not required to go through the formal judicial process in order to foreclose, these shareholders were about to lose their homes, their investments and, in many eases, their life savings.
Lenders are slower to foreclose when housing prices are in the dumps, and they calculate they will have to hold the properties for longer.
Petitions to foreclose rose 27 percent statewide in February, to 2,835, but were down 11.
Macklowe has already acquired the first mortgage and promissory note obligation of $70 million on the 529,000 square-foot 342 Madison, and intends to foreclose.
BOSTON - The Warren Group said petitions to foreclose set a record in August, with 3,115 filed with the Massachusetts Land Court, a 75.
The liens, and the inherent right to foreclose, are still not being sold to individual investors or the general public, but only in bulk to institutional-type investors who make their money by issuing bonds against the future income from the property owner's payments.
The investor can foreclose with impunity," said Goldstein.