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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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โˆ™ 2008-08-16 21:54:25
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Q: What is the difference between a foreclosure and a repossession?
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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?

David W. Hercher has written: 'Foreclosure and repossession in Oregon' -- subject(s): Repossession, Foreclosure


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

Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.


What is the difference between preclosure and foreclosure?

Be aware that a pre-foreclosure property is not necessarily for sale. The pre-foreclosure stage is the period between the time in which a Notice of Default (in non-judicial foreclosure) or lis pendens (in judicial foreclosure) has been issued to the homeowner and after the property is sold at a foreclosure auction.


What is the difference between a tax foreclosure auction and a bank foreclosure auction?

One is done by the IRS, and the other is done by your bank.


What is a relief from automatic stay?

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


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

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


What is the difference between a foreclosure and short sale?

A foreclosure is the surrender of the property to the lien holder for nonpayment of the debt. A short sale is the sale of the property before the completion of the foreclosure in an attempt by the home buyer and the lender to avoid foreclosure proceedings.


Hostile debtors agreement?

A hostile debtor's agreement is an agreement between two parties that allows for a repossession to take place. This could be the repossession of an automobile or it could also be a foreclosure. Either way, the parties involved have to go to court to solve issues.


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

NOTICE OF DROPPING PARTY DEFENDANT


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.


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.

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