What does repossessions mean?
noun
The act of taking possession of something that belongs to someone else, typically because they have failed to pay for it. The taking back of property by a creditor, such as a bank, when a borrower has defaulted on a loan.
Example
"The bank initiated repossessions of several homes in the neighborhood due to the high number of foreclosures."
Definition generated by AI and curated by RJS Tech Solutions LLP.