Repossession

Definition

  • If a borrower stops making payments on a property, the lender has the legal right to take back the property.

Synonyms
repo, retrieval, recoup, recovery

Related Terms and Acronyms

  • Bankruptcy (BK) Acronym, Important,
    • A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.
  • Default Definition,
    • When a borrower fails to fulfill the obligations of a loan or lease.
  • Delinquent Mortgage Definition, Important,
    • A mortgage loan where the borrower fails to make payments as specified in the loan agreement.
  • Forbearance Definition,
    • Delaying foreclosure, usually because the borrower has arranged to pay the amount in arrears.
  • Foreclosure Definition,
    • The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
  • Power of Sale Definition,
    • The right of a mortgagee to force the sale of the property without judicial proceedings should default occur.
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