For example
The mortgagee was forced to foreclose on the loan due to continual failure to pay on time.
Give feedback
Foreclosure
noun
Repossessing property. If a mortgagor (the borrower) has failed to keep up the repayments on a mortgage, the mortgagee (the lender) may apply to the High Court for an order that the debt be repaid by a particular date. If the debt is not repaid the property will be repossessed. This procedure is called foreclosure.
Give feedback