7. The process in which a bank or other financial institution take possession of a person's home and sells If if the homeowner cannot or does not pay the mortgage. A. Repossession B. Foreclosure C. Re-Purchase D. Bank Buy-Back A B C D

## Step 1<br />The problem is asking for the term that describes the process where a bank or other financial institution takes possession of a person's home and sells it if the homeowner cannot or does not pay the mortgage. <br /><br />## Step 2<br />The options provided are: A. Repossession, B. Foreclosure, C. Re-Purchase, and D. Bank Buy-Back.<br /><br />## Step 3<br />The term 'Foreclosure' is the correct answer because it specifically refers to the legal process by which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.