Repossessing property. If a mortgagor (the borrower) has failed to keep up the repayments on a mortgage, the mortgagee (the lender) may apply to the High Court for an order that the debt be repaid by a particular date. If the debt is not repaid the property will be repossessed. This procedure is called foreclosure.
Using property as security for a debt. It is also the name for the contract which is signed by the borrower and lender when money is lent using property as security for a loan.