Find Collateral Repossession, Collateral Recovery, Repo
Specialist by US State here.
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Repossession.Repossession is an action in the nature of self-help that is taken by a lien-holder who, by virtue
of the debtor's default in making payments under a loan agreement, is entitled to retake possession of the secured property.
Usually, the creditor entitled to possession will hire an agent, commonly called the "repo" man, who will actually take steps
to recapture the property, sometimes by sneaky, although legal means. Following the repossession, the property may be sold
in a commercially reasonable manner in order to satisfy the debt due the creditor. Any deficiency in the amount recovered
through the sale can be collected from the debtor, even though he or she may no longer be in possession.
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AMERICAN RECOVERY ASSOCIATION
Worl's Largest Organization of Professional
Finance Adjusters and Repossession Specialists
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