Definition, Meaning & Synonyms | English word FORECLOSE

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Definitions of FORECLOSE

1. (transitive, legal) To repossess a mortgaged property whose owner has failed to make the necessary payments; used with on.
2. (transitive, legal) To cut off (a mortgager) by a judgment of court from the power of redeeming the mortgaged premises.
3. (transitive, originally) To shut up or out; to prevent from doing something.

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Examples of Using FORECLOSE in a Sentence

• The scale of the loan defaults meant that banks could neither foreclose nor write off bad loans without themselves collapsing, so the failure to service these debts quickly caused a systemic banking crisis, and South Korea turned to the IMF for assistance.
• According to the European Commission's "Guidance on the Commission's Enforcement Priorities in Applying Article 82 of the Treaty to Abusive Exclusionary Conduct by Dominant Undertakings", if a dominant firm does not cover its average avoidable costs or long-run average incremental costs, this implies the dominant firm is operating at a loss in the short-term to foreclose equally efficient competitors from the market.
• However, increasing budget overruns left the clubhouse in debt during the Great Depression, causing it to foreclose despite attempts from the club to solicit more members.
• In December 1922, the Howard Estate filed suit to foreclose on the property over non-payment of a US$90,000 promissory note that had been signed by Dougall and Lackenbach; the first payment of $5,000, due the previous March 22, had not been made as scheduled and the only payment that had been received was $1,000 the preceding October.
• Over the next 6 months, the Kingpin uses his influence to have the IRS freeze Murdock's accounts, the bank foreclose on his apartment, and police lieutenant Nicholas Manolis testifies that he saw Murdock pay a witness to perjure himself.
• Each co-owner can independently encumber the co-owner's own share in the property by taking out a mortgage using fractional financing on that share (although this may effectively convert a joint tenancy to a tenancy in common, as described below); other co-owners have no obligation to help pay a mortgage that only runs to another owner's share of the property, and the mortgagee can only foreclose on that mortgagor's share.
• In September 2001, the court declined the defense's request for summary judgment, because Brandenburg "does not foreclose liability 'on any set of facts that might be shown'" as to incitement just by NAMBLA's publications, meetings and website.
• He also sponsored the State's historic "predatory lending" law, which protects homeowners from unscrupulous subprime lenders who charge exorbitant interest rates on home loans with the intent to foreclose on the home.
• The $26 million loan had belonged to Sunbelt Savings & Loan, a Dallas financial institution that failed; the FDIC refused to foreclose on the loan because it did not want to run a TV station.
• When he learned Lizzie had drugged her boyfriend, Joey Lupo, he inexplicably took Lizzie's side and blackmailed Joey into leaving town by threatening to foreclose on Mrs.
• His early youth in Supine involved cornering all the marbles in town at age nine, serving as a messenger for the telegraph company, having a girlfriend named Millie, fishing, swimming, and raiding melon patches with Spike Spangle and beating up the son of the banker who planned to foreclose on his mother's house.
• Mallet finds himself in a wrenching emotional bind – attempting to prevent Roderick from consummating his love with Christina so as to protect Mary Garland from emotional injury; knowing all the while that doing so will foreclose forever any possibility that he himself can marry the only woman he has ever loved.
• The first makes loans for the purchase of real property; the second will acquire nonperforming loans at a discount from their face value (and then will either renegotiate them or foreclose on the underlying collateral).
• in December 1939, when the majority bondholders of the News, specifically Milton's step-mother Abby Crawford Milton, and her three children, acted on a technical missed payment deadline of bond payment obligations—allowing them to foreclose on the paper.
• The Belasco estate filed to foreclose upon the theater in February 1936 and reacquired the theater from Rice that March.
• Similarly, we do not foreclose the possibility that a broker may be estopped from raising a defense based on the written notice clause if the broker's own assurances of deceptive acts forestall the customer's filing of their required written complaint.
• Foreclosure or repossession: the possibility that the lender has to foreclose, repossess or seize the property under certain circumstances is essential to a mortgage loan; without this aspect, the loan is arguably no different from any other type of loan.
• In late 2016, the NYC Regional Center sued Dermot for not paying interest on the loans, the EDC also sued Dermot for nonpayment of rent, and the NYC Regional Center threatened to foreclose on the property.
• On August 14, 2009, the Minnesota Supreme Court ruled that MERS could foreclose under state law as the mortgagee of record.
• In order to effect a strict foreclosure, the creditor must transmit a proposal indicating their desire to foreclose, which must be sent to the debtor and to secondary obligors (guarantors of the debt).

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