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Definitions of Repossession
Other
Definitions of Repossession found on the
Web:
- To reclaim possession of
collateral for failure to pay
installments due.
http://www.autoloansanywhere.com/auto_loan_terms.htm
- The legal process by which a
borrower in default is deprived
of their interest in a property.
The process usually means the
property is sold or auctioned
off with the proceeds going to
the lender.
http://www.commercial-mortgage-loan.co.uk/about/glossary.htm
- A legal process by which the
lender forces a sale of a
property because the borrower
has not met the terms of the
mortgage.
http://www.fairvalleyfinancial.com/mortgageglossary.html
- Occurs when a mortgage
company obtains a court order to
take possession of a property
due to non payment of the
mortgage.
http://www.harrods.com/estates/Dictionary/
- Forced, or voluntary
surrender of merchandise as a
result of the customer's failure
to pay as promised. There are
several types and descriptions
of repossession actions.
http://www.free-credit-report-info.com/credit_glossary.htm
- The process of a lender or
his agent taking back items that
were bought on credit or were
pledged as collateral for a loan
from a borrower who has fallen
behind on loan payments.
http://www.ots.treas.gov/glossary/gloss-r.html
- Property, such as a car,
that is taken back by the
creditor when the borrower does
not make payments due on the
property.
http://www.nuestracdc.org/Mortgage%20Terminology.html
- When a house is repossessed,
it is taken back by the lender
holding the mortgage.
http://www.boise-idahos-real-estate.com/real-estate-definitions-r-173.html
- Taking possession of
property that was earlier sold
on an installment contract
because the buyer defaults on
payment of the debt.
http://www.bookkeeperlist.com/definitionsr.shtml
- If debtor is in default of
the terms of the security
instrument, the creditor can
repossess (take) its collateral,
sell the collateral and apply
the proceeds from sale to the
outstanding debt owed.
http://www.vandenbos-chapman.com/index.php
- When a creditor seizes
property, such as a car or a
house, because payment has not
been made.
http://www.nacdc.org/financial/glossary/
- The Company shall be
entitled to immediate
re-delivery of the goods any
time after the due date for
payment or before such due date
in the case of occurrence of any
of the following events namely:
(a) Appointment of a receiver or
liquidator over assets of the
Customer, or (b) The bankruptcy
of the Customer (if an
individual or partnership), or
(c) The Customer being unable to
meet its debts in the normal
course of business and for the
purpose of such recovery and/or
resale of the goods the ...
http://www.captec.ws/terms_and_conditions.php3
- The action of regaining
possession (especially the
seizure of collateral securing a
loan that is in default).
http://wordnet.princeton.edu/perl/webwn
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