How Does Repossession Work?

When you fall behind on loan payments, your lender may have the right to take back certain possessions from you. This process is known as repossession. Repossession can be stressful and confusing for people who don't understand the legal procedures involved. The following paragraphs will explain how repossession works and what rights a borrower has before and after their property has been taken away by their lender.

Repossession typically begins when a borrower defaults on their loan payments, either by failing to make them at all or not paying them in full each month. If this happens, the lender may send out notices that they are planning to repossess the property if payment is not received within a specific period of time. Once they have sent these warnings, they can legally enter onto the borrower's premises without any further notice in order to seize the items listed in their documents.

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