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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 ?
Although investment groups have snapped up large numbers of foreclosed homes in some parts of the nation, often converting the houses to rental properties, Realtors who handle Worcester foreclosures say individuals are doing most of the buying here.
Foreclosed hotel rooms increased more than 22 percent from the second quarter to 9,239--a 106.8 percent jump from the beginning of the year.
But John added that while the foreclosure problems might not impact the sales of foreclosed properties directly, they would definitely impact the numbers of foreclosed properties coming onto the market because the foreclosure process problems went to the question of valuation.
"This particular business seemed like it would be a good opportunity," Nicolo said of REO RESQ, "especially considering the economy with foreclosed homes."
Massachusetts ranks 19th among the 50 states in the number of foreclosed homes, and RealtyTrac lists Worcester County as having the most foreclosed homes of any county in the state.
According to Reuters, Bank of America Corp (NYSE: BAC) has announced a plan to go ahead with its second round of bulk sales of foreclosed homes.
"We have amassed an inventory of foreclosed and distressed real estate that we have enhanced the value of through rehabilitation and restabilizing, and as a result we are seeing offers from all kinds of buyers looking at our inventory," says Charles Blumenkehl, CEO and managing partner of Blue Asset Management.
RealtyTrac, a firm which specializes in tracking foreclosed properties, has reported that foreclosed homes accounted for 24% of home sales in the U.S.
First Federal Bank foreclosed on the property in January for $150,000.
The new law requires the purchaser of a foreclosed property to give renters 90-days pre-eviction notice.
This borrower apparently got in over his head, owing Fannie Mae--which either bought or insured the loan--$220,000 before it foreclosed on the property last year. data also indicated that investors moved quickly to purchase foreclosed properties, with more than 25,000 foreclosed homes being sold in April.
This property was formerly foreclosed upon by New York Life and was sold at 18.6 percent occupancy.
Nonperforming assets declined to 0.64% of total assets from 0.76% in 1992, and foreclosed property held by the nation's credit unions fell to $181 million from $190 million in 1992.
Real estate website Lamudi Philippines released to the media April 27 the 10 cities which have the most number of listed foreclosed houses in its site.