fore·clos·ure /fōr-'klō-zhər/ n
1: a legal proceeding that bars or extinguishes a mortgagor's equity of redemption in mortgaged real property see also deficiency judgment at judgment, redeem, right of redemption, statutory foreclosure, strict foreclosure 1
2: the extinguishment (as under the provisions of Article 9 of the Uniform Commercial Code) of the rights of a debtor in personal property subject to a security interest by judicial proceedings and esp. by judicial sale see also strict foreclosure 2
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.