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Repossession, commonly referred to as repo, is a "self-help" type of action in which the party having the right of ownership of a property takes the property in question back from the party having right of possession without invoking court proceedings. The property may then be sold by either the financial institution or third party sellers. [1]
REO sale property in San Diego, California. Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1]
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
Know the Law. The process of repossession is intrusive and frustrating and can be intimidating. The laws are murky and vary from state to state, but a court order is almost never needed for a ...
Ditto for foreclosure-plagued Detroit, where a search of our real estate listings turns up more than 1,000 hits on properties for $10,000 or less. Show comments. Advertisement. Advertisement.
The right of possession is a right of a person who currently holds property in hand or under their control to retain such possession, or alternatively for another person who claims superior title or right to possession of the property.
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