foreclose

5 definitions • 6 examples

(especially of banks) to take back property that was bought with borrowed money because the money was not being paid back as formally agreed:

foreclose on The bank is threatening to foreclose on the family's house.

to prevent something from being considered as a possibility in the future:

The leader's aggressive stance seems to have foreclosed any chance of diplomatic compromise.

(esp. of banks) to take control of the property of owners because they did not pay back the bank’s money borrowed to pay for it

if a company, especially a bank, forecloses, it takes back property that was bought with borrowed money because the money was not being paid back as agreed:

Without written proof of defaults on payments, the bank has no right to foreclose.

foreclose on a home/loan/property The building society will foreclose on a loan if the payment is four to five months late.

to prevent something from being considered as a possibility in the future:

foreclose competition/a market/options There was evidence of suspected market sharing agreements aimed at foreclosing competition and preventing access to the market.

be foreclosed from (doing) sth EC operators are foreclosed from bidding in Massachusetts on non-trade grounds.