What legal action is taken to repossess mortgaged property due to unmet conditions in the mortgage?

The legal action taken to repossess mortgaged property due to unmet conditions in the mortgage is known as foreclosure. This process occurs when a borrower defaults on their mortgage payments or violates other terms of the mortgage agreement. In foreclosure, the lender seeks to reclaim the property that was used as collateral to secure the loan. This typically involves a legal proceeding where the lender can ultimately sell the property to recover the owed amount.

Foreclosure is significant because it allows lenders to mitigate their losses and is governed by state and federal laws that dictate how the process must occur, including providing notice to the borrower. Once the process is concluded, the lender has the right to sell the property, usually at a public auction, to recover the funds that were loaned.

Eviction refers to removing a tenant from rental property, which is not applicable in this context since it deals with rented properties rather than mortgaged properties. Replevin is a legal action allowing a person to recover goods that are wrongfully taken or retained but does not pertain to real property in the context of mortgage defaults. A judicial sale involves selling property under the direction of a court, but it typically occurs as a result of foreclosure proceedings rather than functioning as a standalone action against a mortgage default.