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What is the difference between a foreclosure and a repossession?


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Answered 2008-08-16 21:54:25

They are virtually the same since you don't own that thing any more and they both badly affect your credit. The major difference is that with repossession your "thing/s" are taken away or repossessed by the original owner. With a house in foreclosure you have to leave/move away.

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What has the author Richard A Canaday written?

Richard A. Canaday has written: 'Oregon foreclosure and repossession' -- subject(s): Repossession, Foreclosure


What has the author David W Hercher written?

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Is it still considered repossession if you willing give the bank the keys to your property before it goes into foreclosure?

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What is the difference between preclosure and foreclosure?

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What is the difference between a foreclosure and short sale?

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Does a voluntary repossession affect credit the same way as a reposession?

Yes, there is no difference. A repossession is a repossession.


What is a relief from automatic stay?

Relief allows the creditor to continue collection actions/foreclosure/repossession.


Is repossession a form of dissipating or disposing of marital property?

No. Repossession is the procedure used by a creditor to take back property through a judicial processes, foreclosure, or self-help when a debtor fails to make required payments.No. Repossession is the procedure used by a creditor to take back property through a judicial processes, foreclosure, or self-help when a debtor fails to make required payments.No. Repossession is the procedure used by a creditor to take back property through a judicial processes, foreclosure, or self-help when a debtor fails to make required payments.No. Repossession is the procedure used by a creditor to take back property through a judicial processes, foreclosure, or self-help when a debtor fails to make required payments.


How long does an auto repossession and a home foreclosure after stay on your credit report?

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Can lender pursue deficiency judgment for the difference after a short sale?

Some states allow deficiency judgments after the short sale. Some states allow deficiency judgments after repossession or foreclosure. Each state has its own rules.


What happens after the foreclosure auction who has to pay the difference between the amount sold at the auction and the difference of the loan?

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How do you save a house from a repossession.?

The only way to save a house from foreclosure is to keep current on the mortgage payments. Check in your area for newly created consumer foreclosure counseling services if you think you have been the victim of a predatory lender.


What is the difference between pre foreclosure and foreclosure?

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What is the best way to hide liquid assets before foreclosure and is there a time period before lquidating?

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What is the difference between a sheriff sale and a foreclosure?

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What is the difference between voluntary repossession and regular repossession and the pros and cons with it?

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Is a lease repossession the same as a purchase repossession?

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How will voluntary repossession of my home in Texas affect my credit?

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Do you have to payoff a car repossession?

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What is the difference between a HUD home and a foreclosure?

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What is the difference between repossession agencies and repossession forwarding companies?

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What is the difference between vacate and satisfaction of a lien?

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What is difference between foreclosure and short closure of contract?

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