foreclose on (something)

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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 classic literature ?
"The next thing you know that mortgage will be foreclosed on Mis' Randall, and she and the children won't have a roof over their heads."
A mortgage was foreclosed on it, and we had to give up possession.
The value of homes that were foreclosed on during the Great Recession are appreciating rapidly, up 10.3 percent over the past year, according to a new Zillow analysis, while the typical U.S.
This means that homes that were foreclosed on during the housing crisis have made far greater gains in value than the typical U.S.
And because nearly half of all homes foreclosed on during the bust were low-end homes, the housing bust widened the gap between the rich and poor in the U.S.
Yale Realty purchased the New Harbour Mall in February of 1992 from a New York bank which foreclosed on the property from its previous owner.