Which process is defined as the legal procedure to sell property used as security for a debt?

The process of foreclosure is specifically defined as the legal procedure to sell property that has been used as security for a debt, typically a mortgage. When a borrower fails to make required payments, the lender has the right to initiate foreclosure proceedings. This process allows the lender to recover the amount owed by selling the property in question.

In a foreclosure, the lender files a legal notice, and if the borrower does not rectify the default, the property is sold at auction or through a similar process. The proceeds from the sale are then used to pay off the outstanding debt. This method ensures that lenders can recoup losses when borrowers default, maintaining the balance in the lending system.

Other options, such as repossession, involve reclaiming personal property rather than real estate. Title transfer refers to the legal conveyance of ownership of property, which is not necessarily tied to settling a debt. Eviction is the legal process of removing a tenant from rental property, which does not apply to the sale of property for debt recovery. Thus, foreclosure is the most accurate term for the scenario described in the question.