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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Repossession


Synonyms:recoup, recovery, repo, retrieval
Filed Under: financial-banking, legal-contracts, mortgages
Tags: banking, contract, legal, mortgage
 

Definition of repossession

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

Related Terms and Acronyms:

  • bankruptcy (BK)   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   When a borrower fails to fulfill the obligations of a loan or lease.
  • delinquent mortgage   A mortgage loan where the borrower fails to make payments as specified in the loan agreement.
  • forbearance   Delaying foreclosure, usually because the borrower has arranged to pay the amount in arrears.
  • foreclosure   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   The right of a mortgagee to force the sale of the property without judicial proceedings should default occur.

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