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Re·pos·ses·sion

/ˌrēpəˈzeSH(ə)n/

noun
- 1. the action of retaking possession of something, in particular when a buyer defaults on payments: "families had been threatened with repossession or eviction"
Scrabble Points: 14
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Repossession
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Legal action where a party who owns property takes it back from the party who possesses it
Repossession, colloquially repo, is a "self-help" type of action in which the party having right of ownership of a property takes the property in question back from the party having right of possession without invoking court proceedings. The property may then be sold by either the financial institution or third party sellers. Wikipedia
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