repossess

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repossess

v. to take back property through judicial processes, foreclosure, or self-help upon default in required payments.

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

repossess

to take back possession of property, especially for nonpayment of money due under a hire-purchase agreement. The right is circumscribed in many systems.
Collins Dictionary of Law © W.J. Stewart, 2006
References in periodicals archive ?
Legal hurdles to the new repossession law have arisen after local courts put the brakes on the supposedly faster process for banks to reduce non-performing loans (NPLs).
Of the repossessions recorded last year, 16,100 were on owner-occupied homes and 4,900 on buy-to-let properties.
Both the UK owner-occupier sector and the buy-to-let sector have seen overall total reductions in arrears and repossessions. The CML figures revealed that out of a total of 5,000 repossessions, 1,100 were on buy-to-let mortgages, which represented a slightly higher repossession rate of 0.07% in buy-to-let than the overall and owner-occupier rate of 0.04%.
THE number of new mortgage repossession cases coming before the courts here is the lowest since 2007.
When it comes to repossessions, some of them do whatever requires the least amount of effort and resources, according to AFG.
The CML said the slight quarteron-quarter increase in repossessions was a normal seasonal upturn.
(41) In such cases, courts correctly applied the law in finding the repossessions invalid.
ULSTER Bank has begun sending out repossession notices to mortgage holders in arrears.
Bank repossessions generally occur months or even a year or more after the first notice of default on a mortgage is sent.
A total of 8,200 properties were repossessed in the third quarter of this year, down from 8,500 over the summer and marking the lowest number of repossessions seen in a single quarter since 2007, the Council of Mortgage Lenders (CML) said.
There were 8,500 repossessions between April and June this year, marking the lowest quarterly total since the last three months of 2010, the Council of Mortgage Lenders (CML) said.