What is the legal procedure called that allows property used as security for a debt to be sold due to default?

The legal procedure that permits the sale of property used as security for a debt due to default is known as foreclosure. This process typically occurs when a borrower fails to keep up with mortgage payments, and the lender seeks to recover the outstanding loan amount by selling the property that was pledged as collateral. Foreclosure allows the lender to take possession of the property and sell it to fulfill the debt obligation, often through a structured legal process that involves the courts.

Eviction refers to the process of removing a tenant from rental property, which is separate from the context of mortgage defaults. Replevin involves reclaiming personal property that has been wrongfully taken or detained but does not pertain to real property and debt. Dismissal generally refers to a court's decision to terminate a case and is not specifically related to the process of addressing defaulted loans or property security. Thus, the term that accurately describes the scenario of selling property due to default is foreclosure.