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Repossession vs Foreclosure - What's the difference?

repossession | foreclosure |

As nouns the difference between repossession and foreclosure

is that repossession is (uncountable) the condition of being repossessed while foreclosure is (legal) the proceeding, by a creditor, to regain property or other collateral following a default on mortgage payments.

repossession

English

Noun

  • (uncountable) The condition of being repossessed
  • (countable) The act of repossessing

    • foreclosure

    English

    Noun

    (wikipedia foreclosure) (en noun)
  • (legal) the proceeding, by a creditor, to regain property or other collateral following a default on mortgage payments