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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 ?
Barnett (New York Appellate Division, 2011), the New York Supreme Court found that the foreclosing party failed to show its right to enforce the note where the affidavits submitted by the bank's vice president "did not state any factual details concerning when the plaintiff received physical possession of the note and, thus, failed to establish that the plaintiff had physical possession of the note prior to commencing [its] action."
The post Court bans BoC from foreclosing, citing existence of older ruling appeared first on Cyprus Mail .
9-504 -- This section of the law is the more common method for foreclosing upon a co-op, Under this section, the lender may dispose of the collateral at a public or private sate, as long as it does so in a commercially reasonable manner.
In total, there are now 252 properties registered and bonded in accordance with the Vacant and Foreclosing Property Ordinance, and nearly $1.3 million has been deposited in an escrow account.
Parallel to our filing, HUD was in the process of foreclosing on the property and scheduling an auction for its sale as a rental property.
None of the parties involved in foreclosure proceedings - the property owner, the foreclosing bank, nor the court-appointed receiver - made the property secure so as to avoid vandalism.
If the contractor who filed the lien is successful in foreclosing on the lien, the court will order a sale of the building to pay off the lien.
Investors have already purchased the note on one Queens property with an eye on foreclosing, said the board's attorney Abbey Goldstein, partner in Goldstein & Greenlaw.
As Yogi Berra used to say, "it ain't over 'til it's over." Although not talking about mortgage foreclosure sales, his words carry a message both for foreclosing lenders and purchaser at foreclosure sales.
In the 1930s, graphic photos showed bankers foreclosing on family farms and parents with small children evicted along with their few pitiful possessions.
Thus, this grim situation looks hopeless, with the mortgage holder seriously considering foreclosing on the property to stem its losses while the cooperative development contemplates filing a bankruptcy petition in an attempt to preserve the cooperative status of the property.
He said the condos will just have to aa faster in foreclosing their liens with respect to past due common charges because they could be cut off otherwise.
They will use their experience in real estate, legal, environmental, regulatory, and accounting issues, Foray principals have been successful in restructuring and foreclosing over $1 billion in loans.