In its simplest terms, repossession is little more than a creditor coming to your house to ask you to return something that you have failed to make payments on. Perhaps in the past you had a good job and finally were able to buy that car of your dreams that has been beckoning to you from the car lot for quite a while now yet with the changes in the marketplace, your company may have gotten bought out and you may have been handed your pink slip, a couple of months severance pay, and have been working hard to find a new job.
Eventually the bills have caught up with you, and when faced with the choice of making the car payment, the mortgage payment, or going to buy food, you chose the latter two. In the meantime your car payments fell so far past due that the bank which lent you the money for the car has decided that the odds are against you and that you will most likely not pay your account due. You may feel as if you have no alternatives and many people are embarrassed or depressed over the issue.
When this is the case, the lender will commission professional repossession agents, colloquially known as repo men to come to your home to request that you hand over the...
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