Mar
14
Whats the difference between a foreclosure and a repossession?
By
My though was the only difference is that a repossession takes place on something that can be considered a “transportable or mobile” collateral. Your thoughts?
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7 Comments
March 18th, 2009 at 8:08 am
Repossesion is a vehicle and foreclosure is on a house but they are basically the same thing… they get taken because you dont pay the note
March 21st, 2009 at 4:04 pm
Technically a foreclosure a the same as a repossession - that is, the person who used to hold the property no longer holds it.
However, since residences are treated differently than vehicles, there are more “legal hoops” that a bank has to jump through to process a foreclosure.
March 21st, 2009 at 7:27 pm
Just nomenclature, forclosure usually involves real estate, reposession can involve just about anything. Either way it is confiscation of property due to default of a mortgage or loan.
March 22nd, 2009 at 6:25 pm
I think you’re on the right track. I would also offer that foreclosure is a “step” that follows what amounts to repossession of immoveable property, like a house. It’s a legal, formalized, time-limited pronouncement that is part of a repossession process.
March 26th, 2009 at 3:28 am
also a bit of a cultural difference on this, foreclosure been an american term. repossesion applies to property in the UK.
Rob
March 27th, 2009 at 10:07 pm
Even in the UK, nearly the same but legally , they are different in procedures.
March 28th, 2009 at 9:54 am
First your loan gets foreclosed, then your house gets repossessed.