Foreclosure

[fɔː'kləʊʒə] or [fɔr'kloʒɚ]

(noun.) the legal proceedings initiated by a creditor to repossess the collateral for loan that is in default.

Checker: Mollie--From WordNet

(n.) The act or process of foreclosing; a proceeding which bars or extinguishes a mortgager's right of redeeming a mortgaged estate.

Editor: Rodney