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TeachMeFinance.com - explain foreclosure Foreclosure -- a legal process in which mortgaged property is sold to pay the loan of the defaulting borrower. another definition... foreclosure -- a legal proceeding by which a mortgage lender may claim title to a mortgaged property if the borrower fails to repay the loan. historic definition... Foreclosure -- Seizure of mortgaged property on default in payment of interest. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.