noun the act of taking back possession of something, especially in the case of default on payments or breach of contract
In real estate, repossession typically refers to the seizure of a property by a lender due to non-payment of a mortgage or other financial obligations.
Repossession refers to the legal process by which a lender takes back possession of a property or asset from a borrower who has failed to meet the terms of the loan agreement.
Repossession is a legal remedy available to creditors to recover assets from debtors who have defaulted on their loans.
Repossession in the automotive industry involves the lender reclaiming a vehicle from a borrower who has defaulted on their auto loan.
Banks may engage in repossession of collateral such as homes, vehicles, or other assets in cases of loan default.
In the context of a writer, repossession may be used to describe the act of reclaiming or taking back something that was previously owned or possessed. This could be a theme in a story or article about financial struggles or legal issues.
For a psychologist, repossession may be used to refer to the psychological impact of having one's possessions taken away, such as in cases of eviction or foreclosure. It could also be explored in the context of attachment and loss.
In real estate, repossession could refer to the process of reclaiming a property from a borrower who has defaulted on their mortgage payments. Real estate agents may be involved in selling repossessed properties on behalf of banks or financial institutions.
For a banker, repossession is a common term used to describe the legal process of taking back collateral from a borrower who has failed to meet the terms of their loan agreement. This could involve seizing assets such as cars, homes, or other valuable items.
In the legal profession, repossession is a key concept in cases involving debt collection, bankruptcy, or property disputes. Lawyers may represent clients who are facing repossession of their assets or help lenders navigate the repossession process.