The phrase "foreclosure process" refers to the legal procedure that occurs when a person or organization is unable to make their mortgage payments and their property is taken away by the bank or lender. Full definition
By the time the loan reached its maturity date the property value had declined significantly; the lender was unwilling to extend the loan, declared a default and began foreclosure processes. (nreionline.com)
The home foreclosure process is a hot topic in the current economy. (homebuyinginstitute.com)