Definition
The bank's legal power move when you can't make mortgage payments, essentially repo'ing your house and evicting your dreams of homeownership. It's the financial equivalent of 'if I can't have you, nobody can,' except it's your lender and your property. The process involves courts, judgments, and that sinking feeling that you should have read the fine print.
Example Usage
After six missed payments, the bank threatened to foreclose on the property, turning the American Dream into a foreclosure notice.
Source: Real estate and legal terminology
Related Terms
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See “foreclose” in Corporate Speak, Gen-Z Slang, Pirate Speak, and more.
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