What is the enforcement of a lien commonly referred to as?

The enforcement of a lien is commonly referred to as foreclosure. This process occurs when a borrower fails to make the required payments on a mortgage loan, which leads the lender to take action to recover the owed money by selling the property that serves as collateral for the loan. Foreclosure allows the lender to regain control of the property and, ultimately, to sell it to recoup their losses.

When foreclosure is initiated, it follows a legal process that typically includes notifying the borrower of the default and allowing a period for them to rectify the situation. If the borrower does not fulfill the payment obligations, the lender may proceed with selling the property at a public auction or through other means.

The other options indeed have distinct meanings. Closing refers to the finalization of a real estate transaction when ownership of the property is officially transferred from the seller to the buyer. Warranty inspection relates to an examination conducted before purchasing a property to ensure it meets certain quality standards or conditions. Police action generally pertains to law enforcement operations unrelated to mortgage processes. Therefore, foreclosure is the term specifically associated with the enforcement of a lien against a property.