When a repossession occurs a vehicle owner fails to make loan payments, and the financial institution holding the title takes possession of the vehicle
The taking of property by a finance provider where the borrower has not fulfilled their obligations eg: non-payment •Consumer Credit
Usually occurs after a borrower seriously defaults on payments The lender then legally evicts the borrower and usually auctions the property to recover losses
-When a creditor takes back property from a consumer who has not fulfilled the terms of his or her contract
The repossession of someone's house is the act of repossessing it. the problem of home repossessions
Legal process by which the lender forces the sale of a property because the borrower has not met the mortgage terms
The situation where a lender takes physical possession of a vehicle due to default
A right, under contract, to take back property when the debt to pay for the property has not been paid
When a house is repossessed, it is taken back by the lender holding the mortgage
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
Title of donated property will revert to and vest in the U S Government and the item will be returned to a U S Government approved site
If you do not make payments on your secured loan, your lender can take the property that you pledged as collateral and sell it The process of taking your property and selling it is called repossession