repossession


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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.
References in periodicals archive ?
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.
CML director general Paul Smee commented: "Low interest rates, supported by intelligent communication and forbearance, mean that mortgage arrears and repossessions continue to decline.
Coventry's repossession and eviction figures are four times higher than most of Warwickshire - where roughly one home is at risk each day.
There was a surge in repossessions after the devastating collapse in the property market.
When it comes to repossessions, some of them do whatever requires the least amount of effort and resources, according to AFG.
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.
The CML said the slight quarteron-quarter increase in repossessions was a normal seasonal upturn.
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.
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.
The CML said the lower repossession rates among owner-occupiers reflects the "significant" forbearance being shown by lenders, who are trying to keep people in their own homes.
Campbell Robb, chief executive of Shelter, said: "This research paints a frightening picture of repossession hotspots in the North East.
Four months later, government housing minister John Healey announced the extension of the nationwide It's Your Home campaign to help homeowners avoid repossession.