What does foreclosure refer to in the context of property ownership?

Foreclosure is specifically defined as the legal process that allows a lender to reclaim property when the owner fails to make the required mortgage payments. This situation typically occurs after several missed payments, where the lender initiates the foreclosure proceedings to take possession of the property to recover the owed amount. The process involves not only the lender taking back the property but also often results in the sale of the property to pay off the remaining mortgage debt. This context is crucial in understanding the implications of foreclosure for homeowners, as it highlights the importance of maintaining payments on mortgage obligations to avoid losing ownership of their property.