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Repossession
Taking or repossessing property that has been mortgaged and selling it is one way that the lender can clear an outstanding debt. They will do this if the borrower stops making the required repayments. Generally, before the lender can take the property they must send you, the borrower, written notice (a default notice) and you will have 30 days to fix the problem.
In some circumstances the lender cannot repossess the mortgaged property unless they have the court's permission. One of these circumstances is when you have repaid the majority of the debt and have only 25% of the amount borrowed (or $10,000 whichever is less) left to repay.
