Word for banks and other institutions taking possession of your assets because you didn't comply with the contract

Question

Is there a specific word or expression for this process?
When a family doesn't have enough money and has to move out because their house is now owned by the bank, what's the word for what happened to the house?

The house was ____ by the bank

Or when you mortgage valuable items to borrow money and you can't pay the debt, what happens to your golden watch or your car, for example?

My car was ____ by the bank

If these are not the correct sentence structures for the situation, what's the best way to express the idea?
Thanks in advance

Cascabel · Accepted Answer

repossess
to take back possession of something, especially property that has not been completely paid for:
-Cambridge
The house was re-possesed by the bank... the mortgage was
foreclosed.

(especially of banks) to take back property that was bought with borrowed money because the money was not being paid back as formally agreed:

With vehicles, it is sometimes said
repo-ed
From Repo as a business.

Word for banks and other institutions taking possession of your assets because you didn't comply with the contract

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