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 periodicals archive ?
Foreclosing on a co-operative apartment is accomplished in a fundamentally different manner than the traditional methods employed in foreclosing real property.
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.
While cooperative corporations are able to obtain a first lien on arrearages through their recognition agreements with lenders, this is the first case that challenged to the Appellate Division level the rights of the lender foreclosing on a condominium unit.
"I represent 14 co-ops in which people paid all cash and we're foreclosing on maintenance," Liebman said.
Officials representing Fidelity New York Bank and Savings said last week they were foreclosing on developer Jeffrey Glick's 14th Street building, the former Luchow's restaurant, fueling speculation that the developer's financial troubles were worsening.