Foreclosure
From ACT Wiki
Secured lending
Foreclosure is the process in secured lending which may follow default by the borrower.
In foreclosure, the lender takes possession of an asset or assets used to secure the borrowing, often going on to sell them to raise money to discharge the unpaid borrowing, in part or in full.
In residential mortgage lending, foreclosure is often known colloquially as 'repossession' of the mortgaged residential property.
