repossession

The actions of a lender to take possession of personal property in which it has a security interest, or the actions of a landlord to take possession of leased premises after default. Repossession may be by court order, or it may be self-help, as when the automobile repo person takes a car in the dead of night. Self-help repossession is generally allowed unless prohibited by specific consumer protection statutes,but it must be accomplished without a breach of the peace. Some courts define “breach of the peace” as shouting, threats of violence, or any sort of public disturbance.Others hold that repossession in the face of the debtor's oral statements to cease and desist is a breach of the peace, but that does not preclude the creditor from returning later to attempt repossession when the debtor is not present.

Repossession

Taking possession of property that was earlier sold on an installment contract because the buyer defaults on payment of the debt.

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References in periodicals archive

On Monday, a Nicosia District Court ordered Hellenic Bank not to go ahead with a repossession process.

CYPRUS: New repossessions law hits a legal brick wall

Some 21,000 repossessions took place in 2014, a 26% fall on the previous year, as low interest rates and cheap mortgage deals helped to cushion households from getting into financial difficulty.

Repossessions fall as low rate cushions households

Coventry's repossession and eviction figures are four times higher than most of Warwickshire - where roughly one home is at risk each day.

4 HOMES RISK 4AT EVERYDAY EVERYDAY; City families face repossession and eviction Families face losing homes

There was a surge in repossessions after the devastating collapse in the property market.

1,607 HOMES REPOSSESSED

Also included in the video is a set of guidelines that repossession agents can use to make sure that, if and when the CFPB or another regulatory agency comes knocking on their door, they will be ready.

Video Busts Repossession Industry Compliance Myths

The CML said the slight quarteron-quarter increase in repossessions was a normal seasonal upturn.

More able to remain in homes

In addition, the Comment's reference to the "assistance" of law-enforcement officers may only intend to prohibit law-enforcement officers from actively facilitating repossession, rather than standing by to keep the peace.

Law-enforcement officers and self-help repossession: a state-action approach

United Left Alliance TD Joan Collins criticised the move saying proposals to tackle mortgage arrears promised repossessions would be a last resort.

Repossess letters sent out by bank

A test case is being taken to the Financial Ombudsman Service by a Glasgow homeowner who was billed PS10,000 in legal expenses for a failed repossession case.

Botching banks in PS30million payout

A spokesman for the CML said the body is likely to make a revised repossession forecast next month and, given the latest figures, the CML now expects the total for 2012 to come in below its original estimate.

Repossessions down to lowest level in five years

HOME repossessions in the West Midlands will top 3,700 next year, a leading mortgage firm has predicted.

Rise in loan defaults is forecast for next year