Repossess

/ˌriːpəˈzɛs/

Meaning & Definition

verb

To take back property that has been sold, typically because the buyer has failed to make required payments.

The bank had to repossess the car after the owner defaulted on the loan.

To regain possession or control of something.

The company sought to repossess the equipment that was leased to the client.

To seize goods or property by legal right.

If you fail to make your mortgage payments, the lender can repossess your home.

To take back something that was previously possessed.

After the dispute, he managed to repossess his childhood diary from his former friend.

To recover ownership of something previously owned.

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.

Repo

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

Repossess (often shortened to repo)

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