foreclosefore·close /fɔːˈkləʊzfɔːrˈkloʊz/ verb1[intransitiveI]BANKINGPROPERTYFINANCE if a bank or BUILDING SOCIETY forecloses, it takes possession of someone’s property because they have failed to pay back an agreed part of a loanThey ran out of money and the bank foreclosed.
foreclose onBuilding societies may foreclose on a mortgage if the repayments are not kept up.
2[transitiveT] to decide that something is not a possibilityThe government did not want to foreclose other options.