Foreclosure

Definition:

A proceeding to take away all rights, title, and interest of the owner of property in order to sell the property to satisfy a lien against it.

Examples:

The real estate agent is doing everything she can to help her client sell her house before it goes into foreclosure.

Having a homeowner’s insurance policy may help you avoid foreclosure if you are laid off or injured and unable to make your mortgage payments for a period of time.