Foreclose

/fɔːrˈkloʊz/ verb

Definition

For a bank or lender to take back property from a borrower who hasn't paid their loan, or to prevent someone from doing something.

Etymology

From Old French 'forclos,' meaning 'excluded' or 'shut out.' The financial meaning developed when banks literally shut people out of their own homes.

Kelly Says

The 2008 housing crisis made 'foreclose' a word millions heard in hushed, anxious conversations—it's the legal system's way of saying 'the bank is taking your house.' The word comes from Old French meaning 'shut out,' which is exactly what happens when you lose your home because you couldn't afford payments.

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