What is the process called that allows a lender to acquire property without judicial foreclosure?

The correct term for the process that allows a lender to acquire property without going through judicial foreclosure is known as "power of sale." This process typically occurs in the context of a deed of trust, where the lender has the right to sell the property at a public auction if the borrower defaults on the loan. The power of sale is specified in the deed of trust, which outlines the lender's authority to sell the property without needing a court's involvement. This method is often faster and more streamlined, enabling lenders to recoup their losses more quickly compared to judicial foreclosure, which requires court proceedings.

In contrast, strict foreclosure is a process used in some jurisdictions where the lender takes title to the property automatically upon default, without a sale or public auction. This method is less common and depends on specific state laws. Equitable foreclosure refers to actions that can be taken to prevent or recover from foreclosure, but it typically does not involve the direct transfer of property. Summary foreclosure is not a widely recognized term that specifically describes a process of acquiring property, and operates differently than the other mentioned processes. All these concepts highlight different facets of foreclosure, but the power of sale is specifically designed for non-judicial transfers of property upon default.