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foreclose  (forecloses 3rd person present) (foreclosing present participle) (foreclosed past tense & past participle )If the person or organization that lent someone money forecloses, they take possession of a property that was bought with the borrowed money, for example because regular repayments have not been made.  (BUSINESS)  verb 
The bank foreclosed on the mortgage for his previous home.  V on n, Also V