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Repossession is a legal process in which a lender or creditor takes back possession of a property or asset from a borrower who has defaulted on their loan or debt. Repossession is typically used when a borrower has failed to make payments on a loan or debt, and the lender or creditor has exhausted all other options to collect the debt. The repossession process is governed by state and federal laws, and the lender or creditor must follow the legal process in order to repossess the property or asset.
Repossession is a common practice in the financial industry, and is often used as a last resort to collect a debt. It is important for lenders and creditors to understand the legal process of repossession in order to protect their rights and interests.
Some companies in the repossession market include: National Asset Recovery Services, Repo-X, Repo-Link, Repo-Force, and Repo-Tech. Show Less Read more
