The word "foreclose" means to "take over the property or deprive the mortgagor of the right to his property when payments are not made." There are two ways of defining "foreclose." In countries like India, the term "foreclosing a loan" means "to settle the loan before hand and taking ownership of the property." In countries like the US, the word "foreclose" means "to reclaim the right to ownership of property in case of delay or non-payment of debt." Here is a sentence which includes the word "foreclose"
"The bank foreclosed on the mortgage because the owner was not able to settle the remaining of his mortgage amount. "
A foreclosure has a tendency to leave a derogatory remark on the credit report of the consumer. The word "foreclose" can also mean "to keep out or exclude." The word comes from the old French word "forclos" which means "to shut out."
"The bank foreclosed on the mortgage because the owner was not able to settle the remaining of his mortgage amount. "
A foreclosure has a tendency to leave a derogatory remark on the credit report of the consumer. The word "foreclose" can also mean "to keep out or exclude." The word comes from the old French word "forclos" which means "to shut out."
