In Arizona, what is the term for the legal right to take possession of property if a debt is not paid?

In Arizona, the correct term for the legal right to take possession of property if a debt is not paid is "foreclosure." Foreclosure refers specifically to the legal process through which a lender can reclaim property that was used as collateral for a loan, typically a mortgage, after the borrower has failed to meet the repayment terms. This process allows the lender to sell the property at auction to recover the owed amount.

Foreclosure is a well-defined process governed by both state and federal laws, which ensure specific rights for borrowers and stipulations for lenders. It usually involves notifying the borrower of default, providing opportunities to cure the default, and conducting a judicial or non-judicial sale depending on the circumstances.

In contrast, repossession generally pertains to personal property, like vehicles, and is not typically used in the context of real estate. Eviction relates to removing a tenant from rental property due to lease violations, which does not involve debts secured by real property. Confiscation generally refers to the governmental seizure of assets and is not a term associated with debt-related property recovery in this context.