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 the UK 2014, a 26% fall on the previous year, as low interest rates and cheap mortgage deals helped to cushion households from getting into financial dif-ficulty.
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.
So far, 22,800 repossessions have been recorded across the first three quarters of 2013.
The group has been established by Housing Minister Nelson McCausland to investigate the issue of negative equity and repossessions in Northern Ireland.
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.
Last year, there were 6752 repossession cases in Scotland - up 30 per cent on 2010.
In an indication of what is to come, separate figures published by the Ministry of Justice (MoJ) today showed 14,168 repossession actions started in courts across England and Wales between July and September, continuing a downward trend since 2008.
Analysis by the homelessness charity Shelter has revealed the region is a hotspot for repossessions.
com, a market-leading source of foreclosed home listings and foreclosure market analysis, reported today that bank repossessions during the second quarter of 2010 topped out at 269,962 properties, the highest ever quarterly total since the foreclosure crisis began.