repossess

2 definitions • 3 examples

to take back possession of something, especially property that has not been completely paid for:

I couldn't make my mortgage repayments so the bank repossessed my house.

to take something back from a person who is buying it over a period of time because they cannot continue to pay for it:

The lender may repossess the property to recoup the loan.

have sth repossessed In the last credit crisis over five thousand families had their homes repossessed.