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foreclosure
fore·clo·sure [ fawr klṓər ] (plural fore·clo·sures)


noun 
Definition:
 
removal of right to redeem mortgage: a legal process by which a mortgagee's right to redeem a mortgage is taken away, usually because of failing to make payments
Encarta® World English Dictionary [North American Edition] © & (P)2009 Microsoft Corporation. All rights reserved. Developed for Microsoft by Bloomsbury Publishing Plc.
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