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The Difference Between

What is the difference between a foreclosure and a repossession?

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Wiki User
August 16, 2008 9:54PM

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.