foreclosure
/fɔrˈklɔːsər/ · for.clōs.ure
noun
- The proceeding, by a creditor, to regain property or other collateral following a default on mortgage payments. The bank initiated foreclosure proceedings after the homeowner failed to make mortgage payments for several months.
- The absence of a symbolic father for a fatherless child, as a cause for psychosis. Researchers have linked foreclosure to an increased risk of mental health issues in children who grow up without a father figure.
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Did you know? The term 'foreclosure' has become increasingly relevant in modern times due to the rise in mortgage defaults and the subsequent increase in foreclosure proceedings.