What is the term for the legal procedure by which a mortgage lender takes possession of a property when the borrower fails to pay the principal or interest as agreed in the mortgage contract?

Explanation

Foreclosure is the legal process that allows a mortgage holder to seize a property when the homeowner does not make timely payments of principal or interest. Default refers to the failure to meet payment obligations, while bankruptcy is a legal status for insolvency and does not directly mean property seizure.