A repossession case is a legal way for a lender to take your property away from you, when you don’t make the required payments. It is a type of action reserved for the taking of personal property, which is not the same as real estate. Commonly repossessed items of personal
When loans are taken out, the lender expects that they will be repaid in full. When payments are not made, the lender might undertake collection efforts. Some of those efforts include repossession of personal property, or foreclosure of real estate. When a repossession or foreclosure takes place and the property
The law is full of definitions and ways to characterize certain things. Your house is defined as real property, but your car is considered personal property. The distinction is important because if a lender tries to sue you for non-payment the type of property dictates the type of lawsuit filed.
