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foreclose |
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foreclose Verb [-closing, -closed] Law to take possession of property bought with borrowed money because repayment has not been made: the banks have been reluctant to foreclose on troubled borrowers [Old French for- out + clore to close] foreclosure n
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Foreclosing on a co-operative apartment is accomplished in a fundamentally different manner than the traditional methods employed in foreclosing real property. It is not known, however, whether part of that decline can be attributed to lenders cooperating - rather than foreclosing - with reduced-price sales to new buyers. An elderly Malibu couple is foreclosing on the new Los Angeles Convention Center parking structure in an attempt to collect money they are owed on an old lien they have against the land underneath. |
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