释义 |
repossess /ˌriːpəˈzɛs /verb [with object]Retake possession of (something) when a buyer defaults on payments: 565 homes were repossessed for non-payment of mortgages...- When a lender forecloses and repossesses a piece of property for failure to make payments, what are the legal consequences for the borrower?
- In many states, the lender can repossess your car without as much as a telephone call or written notice if you fall behind on one monthly payment.
- They don't have to worry about resale values or market conditions - the legal ownership of the car remains with the finance company or lessor who may repossess the vehicle in the event of missed payments.
|