Repossession
A lender taking back possession of secured property or goods after default, usually following the required legal process.
Related terms
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Possession
Legal control or occupation of property or goods. In debt cases it often refers to a lender or landlord seeking control of property through legal proceedings.
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Possession proceedings
Court proceedings brought by a lender, landlord or other entitled party seeking possession of property.
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Shortfall debt
The remaining debt after the proceeds from selling secured property or assets are insufficient to repay the lender in full.
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