The process of taking possession of a mortgaged property as a result of the mortgagor’s failure to keep up mortgage payments.
More example sentences
- The plaintiff is proceeding with a sale under a power of sale in a mortgage - not by way of foreclosure or judicial sale.
- All civil litigation is filed with the prothonotary, including unpaid debt, mortgage foreclosures and personal injury cases.
- A transaction for which land transfer tax is payable includes a final order of foreclosure under any mortgage or charge affecting land.
Definition of foreclosure in:
- The British & World English dictionary