Source : Webster's Revised Unabridged Dictionary (1913)

Foreclosure \Fore*clo"sure\ (?; 135), n.
   The act or process of foreclosing; a proceeding which bars or
   extinguishes a mortgager's right of redeeming a mortgaged
   estate.

Source : WordNet®

foreclosure
     n : the legal proceedings initiated by a creditor to repossess
         the collateral for loan that is in default