repossession
/ˌriːpəˈzɛʃən/
noun
- The act of taking back property, such as a car or house, when the buyer fails to make payments.
- The bank filed for repossession of the house after six months of missed payments.
- Repossession can seriously damage your credit score.
- He lost his car to repossession when he couldn't keep up with the loan.
- The state of having property taken back by a lender.
- They faced repossession after losing their jobs.
- Repossession rates went up during the economic downturn.
- The family narrowly avoided repossession by refinancing their home.
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