'Foreclosure' definitions:

Definition of 'foreclosure'

(from WordNet)
noun
The legal proceedings initiated by a creditor to repossess the collateral for loan that is in default

Definition of 'Foreclosure'

From: GCIDE
  • Foreclosure \Fore*clo"sure\ (?; 135), n. The act or process of foreclosing; a proceeding which bars or extinguishes a mortgager's right of redeeming a mortgaged estate. [1913 Webster]