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Definitions from the Web

Term: foreclosable

Part of Speech: Adjective

Definition: Capable of being foreclosed, usually referring to a property or asset that can be taken from the borrower by the lender in the event of loan default.

Sense 1: Capable of being legally seized or repossessed by a lender due to nonpayment of a mortgage or loan.

Example Sentence: The homeowner's failure to make mortgage payments for several months rendered their property foreclosable by the bank.

Sense 2: Subject to being taken back by a lender due to the occurrence of a specific event or condition stated in a contract.

Example Sentence: The car loan agreement clearly stated that if the borrower missed three consecutive monthly payments, the vehicle would be foreclosable.

Related Products:

Foreclosure Procedures

Loan Default Management

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