Foreclosure in chinese?

Anyone know the proper translation for foreclosure?

“Because he failed to pay his monthly mortgage payments, he is now facing foreclosure. If he is foreclosed upon, the bank will repossess his house.”

Cancellation of mortgagor’s (homeowner’s) redemption rights? This dictionary definition only captures (at most) the meaning of one type of foreclosure. (In some states, the homeowner does not actually own the home until the mortgage is paid off. Before payoff, the deed is held in trust by a 3rd party. If the homeowner does not pay on time, then in a foreclosure, the homeowner loses the right to acquire title to the property.)

But in most states, the homeowner owns the house outright and the bank only has a lien on the property. The bank must then use the legal process to acquire title to the property by exercising its right to seize the collateral due to nonpayment of the loan.

If anyone knows a proper translation for this second type of foreclosure, please help.

I believe this is jia3kou4ya1 ( to attach, foreclose upon, or garnish), or just kou4ya1 for short. The verb preceding would be zhi2xing2, thus zhi2xing2 jia3kou4ya1 would be something like “to exercise foreclosure”. Pls correct me, y’all, if I’m wrong on this.

I’m not sure about this… giving the bank 收押的權力?
I don’t know pinyin…

Oh wait… 收押權 sonds more professional

Jia3kou4ya1 can be translated as foreclosure but it’s not really the same due to the different legal traditions.