Regaining or retaking of possession of property when a purchaser or borrower defaults in making payments. Typically, a finance company may repossess goods sold on hire purchase or a mortgagee may repossess a borrower's property in order to sell it to meet outstanding payments due under a mortgage.
A creditor may repossess collateral any time the debtor defaults on the terms of the contract. In some cases, a creditor may repossess collateral without obtaining a writ from a state court. In other cases, a writ must be obtained before the collateral can be recovered by the creditor. Although the collateral has been repossessed by the creditor, the debtor may still be liable for any unpaid balance on the note.
The legal procedure whereby a defaulting borrower has their interest in the property removed and is handed over to the party that holds the first charge for them to dispose of in order to recover the funds they are owed.
is where a lender will take property that has been taken as security for a loan. This will generally happen when the borrower has stopped repaying the debt (making payments). The lender can sell the property and the money obtained from the sale used to repay or reduce the debt.
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.
If a borrower defaults on their mortgage payments, the lender can deprive the borrower of their ownership of the property. The lender will then force the sale of the property in order to recoup the money it had loaned on the mortgage
This is when a borrower fails to pay back their loan in accordance with the Terms and Conditions of that loan and the lender exercises their legal charge over the borrower's property by taking legal ownership.
Once in default, as defined by the creditor in the security agreement, occurs, the creditor can: repossess the collateral by self-help (depending on state law) or with the aid of a court order, dispose of the collateral by public or private foreclosure sale, retain the collateral in satisfaction of the debt, terminate the debtor's right of redemption, add the costs of repossession and foreclosure to the unpaid balance of the debt, and pursue the debtor for any remaining unpaid balance or deficiency.
Usually occurs after a borrower seriously defaults on payments. The lender then legally evicts the borrower and usually auctions the property to recover losses. alary The money you receive from your employment. Commission, overtime and bonuses are not normally considered as part of your gross income by the lender, unless you receive them at a guaranteed level. Any supplementary payment that is not guaranteed but which can be shown to remain above a certain level over a period of time can sometimes be taken into account, though many lenders will only incorporate a portion of this money into the calculation.
A lender may be able to claim or take possession of any property, assets or investments that have been provided as security for the repayment of a loan in circumstances where the borrower cannot repay the loan.
Repossession is generally used to refer to a financial institution taking back an object that was either used as collateral or rented or leased in a transaction. Note that repossession is a "self-help" type of action in which the party having right of ownership of the property in question takes the property back from the party having right of possession without invoking court proceedings. This is usually done in accordance with a purchase contract or credit contract, in which the consumer agrees that the seller (the "lienholder") may repossess the object if the signers are past the grace period (generally for prime lenders the critical number is 30 days late making an installment payment but can vary based on how many payments have already been made, the length of the business relationship, reason why past due, etc.)
The removal of rights to use by a Club (or Management Company) for breach of the Constitution (usually non-payment of Management Fees) and the sale of those rights to recover any debt. Deeded property cannot normally be repossessed.
If you don't make your car loan payments, you risk having your car "repossessed" or taken back by the finance company that gave you the loan. Always contact the finance company immediately if you aren't going to make a monthly payment. The company may be willing to work with you to set up a payment plan.