FORE CLOSES Meaning and
Definition
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Forecloses is the present tense verb form of the word foreclosure. Foreclosure is a legal process in which a lender takes possession of a property, typically a residential home, due to the borrower's failure to make timely mortgage payments. When a borrower falls behind on mortgage payments, the lender has the right to initiate the foreclosure process and foreclose on the property.
Forecloses refers specifically to the moment when the lender officially takes possession of the property, extinguishing the borrower's rights to ownership and occupancy. It involves the forced sale of the property by the lender in order to recover the remaining outstanding debt owed by the borrower.
This term is commonly used in the context of financial and real estate matters, particularly when discussing defaulting mortgages. The foreclosure process usually involves legal proceedings, notices, and a public auction or sale.
The consequences of foreclosure can be severe, impacting the borrower's credit score and financial standing. It signifies a significant failure to meet financial obligations and may result in eviction from the property. Foreclosure is typically a last resort for lenders, used when other options to resolve the borrower's default have been exhausted.
In summary, forecloses refers to the act of a lender taking possession of a property through a legal process due to the borrower's failure to meet mortgage payment obligations.
Common Misspellings for FORE CLOSES
- forecloses
- forecloes
- foreclooses
- foreclosses
- foecloses
- dore closes
- core closes
- vore closes
- gore closes
- tore closes
- rore closes
- fire closes
- fkre closes
- flre closes
- fpre closes
- f0re closes
- f9re closes
- foee closes
- fode closes
- fofe closes
Etymology of FORE CLOSES
The term "forecloses" is formed by combining the prefix "fore", meaning "before" or "in front", with the verb "closes".
The word "closes" originated from the Old English word "closian", which means "to shut" or "to close". Over time, the prefix "fore" was added to create the compound word "forecloses".
In legal terminology, "foreclosure" refers to the action of a lender terminating a borrower's rights to a mortgaged property due to the borrower's failure to meet the agreed-upon loan obligations. The term "foreclosure" is often used rather than "forecloses" when discussing this legal procedure.
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