Meaning & Definition of word "Repossess"

Repossess

/ˌriːpəˈzɛs/

1. To take back property that has been sold, typically because the buyer has failed to make required payments.
- Example: The bank had to repossess the car after the owner defaulted on the loan.
2. To regain possession or control of something.
- Example: The company sought to repossess the equipment that was leased to the client.
3. To seize goods or property by legal right.
- Example: If you fail to make your mortgage payments, the lender can repossess your home.
4. To take back something that was previously possessed.
- Example: After the dispute, he managed to repossess his childhood diary from his former friend.
5. To recover ownership of something previously owned.
- Example: The artist worked hard to repossess his rights to the artwork he had sold.

The prefix 're-' meaning 'again' combined with 'possess' from Latin 'possidere'.

repossess the goods:

To reclaim items that were previously taken under legal circumstances.

repossess a loan:

To take back an asset because the borrower has defaulted on their loan agreement.

repossess property:

To take back real estate or belongings from a debtor.

foreclosure:

The legal process in which a lender takes possession of a property due to a failure to pay mortgage.

seizure:

The act of taking possession of property, often by law enforcement.

default:

Failure to fulfill a financial obligation.

Meaning: Repo

Example Sentence: The repo man came to take the truck because the owner stopped paying.

Meaning: Repossess (often shortened to repo)

Example Sentence: They just repoed my bike because I was late on my payments.