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foreclosure The process by which a lender takes possession of and sells property owned by a borrower who has defaulted on their mortgage payments. ■When John lost his job and couldn't make his mortgage payments, the bank foreclosed on his house and sold it at auction., A hilarious and exaggerated way of describing a situation or person that is actually quite serious or unpleasant. ■"That test was such a foreclosure for me, I swear I'm still recovering!"
lien A legal right or claim to seize and sell property as security for a debt. ■ The bank had a lien on the man's house after he defaulted on his mortgage. The foreclosure sale was held at the local courthouse.