/fɔːˈkləʊʒə/ – noun
Definition: 1. việc tước quyền sử dụng;
2. việc tước quyền chuộc lại tài sản đã cầm cố, việc chuyển dịch tài sản đã cầm cố sang sở hữu của người chủ nợ cầm cố.
A more thorough explanation: Foreclosure is a legal process by which a lender takes possession of a property from a borrower who has failed to meet the terms of a mortgage or loan agreement. This typically occurs when the borrower is unable to make the required payments, leading the lender to sell the property in order to recover the outstanding debt.
Example: The bank initiated foreclosure proceedings on the property after the homeowner failed to make mortgage payments for several months.