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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. © 2015 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 ?
They also seek to rapidly foreclose the opportunity for the client to continue utilizing maladaptive tactics and seeking permanently elusive goals.
Should shareholders of a defunct cooperative be given the benefits of rent regulation after the lender forecloses? Or should they be charged the fair market rent for the unit, sharing in the risk of investing in shares o " a cooperative in an effort to help the lender or purchaser to recoup its investment?
Courts have imposed lender liability under CERCLA when a lender secured by property forecloses on property or has "participated in the management" of its borrowers by virtue of the rights reserved by the lender under its lending and security agreements with the borrower.
"What if the value of the apartment drops and someone forecloses on the building?," the senior conventional loan consultant asked.
Although anyone can bid on a foreclosed property when a bank finally is ready to begin marketing, the best acquisition opportunities are available before the bank forecloses. Investors who are aware of a problem property before the bank forecloses should begin working with the institution during the process of taking ownership.
By signing a nondisturbance agreement, the mortgage holder agrees that, as long a tenant is not in default under the lease, it will not disturb the tenant's lease, even if it forecloses on the mortgage.