From Longman Dictionary of Contemporary Englishforeclosefore‧close /fɔːˈkləʊz $ fɔːrˈkloʊz/ verb [intransitive] technical BFLif a bank forecloses, it takes away someone’s property because they have failed to pay back the money that they borrowed from the bank to buy itforeclose on Building societies may foreclose on a mortgage if payments are not kept up. —foreclosure /-ˈkləʊʒə $ -ˈkloʊʒər/ noun [countable, uncountable] housing foreclosures→ See Verb table
Examples from the Corpus
foreclose• Mortgages were foreclosed, and rents went unpaid.• It is perfectly rational for individual banks to want to foreclose early on companies having trouble repaying their loans.• Changes in industry and in the economy foreclosed many unskilled and semiskilled jobs to those under age 16.• It foreclosed on the mortgages, and the mill went down the drain.• And the Amish do not foreclose on unpaid loans.• Moreover, demographic factors such as unplanned pregnancy may also foreclose options.• On television especially, the use of quick-cut images and short sound bites tends to foreclose reasoned reflection and time-consuming deliberation.• He must, in any event, have felt that the pressures were foreclosing the issue against his original instinct.foreclose on• Ms. Harvey's mortgage company has threatened to foreclose on her Houston home.From Longman Business Dictionaryforeclosefore‧close /fɔːˈkləʊzfɔːrˈkloʊz/ verb1[intransitive]BANKINGPROPERTYFINANCE if a bank or BUILDING SOCIETY forecloses, it takes possession of someone’s property because they have failed to pay back an agreed part of a loanThey ran out of money and the bank foreclosed.foreclose onBuilding societies may foreclose on a mortgage if the repayments are not kept up.2[transitive] to decide that something is not a possibilityThe government did not want to foreclose other options.→ See Verb tableOrigin foreclose (1200-1300) Old French forclos, past participle of forclore, from fors “outside” + clore “to close” 