Repossessed Houses

What is Repossession

colloquially known as "repo" for short, is a type of action of "self-help" in which the party that has the right to ownership of the property in question retakes ownership of the party that has the right of possession without invoking judicial proceedings .

Repossessed Houses

Mortgage payments after recovery. You do not have to pay extra fees on your mortgage after the court decides that your home can be recovered. You are charged for what you owe until your home is sold. ... Your total debt will increase if you do not make payments.

You can give your consent that your home is taken over. You can agree terms with your lender to sell the house, if you can not pay your mortgage. The credit institution must obtain a court order to recover or sell your home unless you authorize it in writing 7 days prior to redemption or sale.

What happens if I stop paying car payments? ... Once the car is recovered, it is usually sold through an auction. It is common to sell cars in auctions for a small portion of the resale value. If your car sells less than your loan balance, you will owe difference to the lender, which is called a "deficiency balance".

If your vehicle or other property is seized, you may still owe the lender money in the contract. If your vehicle or other property is stopped, you may still owe money to the lender in the contract. The amount owed is called "deficiency" or "deficiency balance".