Foreclosure

The word "Foreclosure" means to shut out, to bar; to terminate. The word "foreclosure" means the proces by which a mortgagor of real or personal property (or the other owner of property subject to a lien) is deprived of his or her interest therein; a proceeding in equity whereby a mortgagee either takes title to or forces a sale of the mortgagor's property in satisfaction on a debt. (Black's Law DIctionary, 646, 6th ed.)