oods have been, or will be, damaged or removed.

One should also be aware of certain things after repossession. First of all, it is crucial that the lender serves a post-possession order on the borrower and any guaranto

Repossession is the legal process by which the lender forces a sale of a property because the borrower has not met the terms of the mortgage. In other words, when you buy something on credit, or get a loan, the person or business you owe the money to is called the "creditor." As a rule, you have to sign an agreement that makes the creditor eligible for taking back the goods you purchased if you miss payments. In case you have used your current household goods or automobile to secure a loan, the creditor may take your property if you miss payments on the new item. "Collateral" or "secured property" is the property which can be taken. If your creditor takes the goods back, then it is called "repossession."

Before repossession the following rules apply:

• A lender usually cannot take possession of the goods unless the borrower is in default.
• The pre-possession notices must give the nature of the default and give the defaulter at least 15 days to remedy the problem.
• And the lender must serve a pre-possession notice on the borrower and every guarantor, unless they have reasonable grounds to think the goods have been, or will be, damaged or removed.

One should also be aware of certain things after repossession. First of all, it is crucial that the lender serves a post-possession order on the borrower and any guaranto

tor." As a rule, you have to sign an agreement that makes the creditor eligible for taking back the goods you purchased if you miss payments. In case you have used your current household goods or automobile to secure a loan, the creditor may take your property if you miss payments on the new item. "Collateral" or "secured property" is the property which can be taken. If your creditor takes the goods back, then it is called "repossession."

Before repossession the following rules apply:

• A lender usually cannot take possession of the goods unless the borrower is in default.
• The pre-possession notices must give the nature of the default and give the defaulter at least 15 days to remedy the problem.
• And the lender must serve a pre-possession notice on the borrower and every guarantor, unless they have reasonable grounds to think the goods have been, or will be, damaged or removed.

One should also be aware of certain things after repossession. First of all, it is crucial that the lender serves a post-possession order on the borrower and any guaranto

new item. "Collateral" or "secured property" is the property which can be taken. If your creditor takes the goods back, then it is called "repossession."

Before repossession the following rules apply:

• A lender usually cannot take possession of the goods unless the borrower is in default.
• The pre-possession notices must give the nature of the default and give the defaulter at least 15 days to remedy the problem.
• And the lender must serve a pre-possession notice on the borrower and every guarantor, unless they have reasonable grounds to think the goods have been, or will be, damaged or removed.

One should also be aware of certain things after repossession. First of all, it is crucial that the lender serves a post-possession order on the borrower and any guaranto

r is in default.

The pre-possession notices must give the nature of the default and give the defaulter at least 15 days to remedy the problem.

And the lender must serve a pre-possession notice on the borrower and every guarantor, unless they have reasonable grounds to think the goods have been, or will be, damaged or removed.

One should also be aware of certain things after repossession. First of all, it is crucial that the lender serves a post-possession order on the borrower and any guaranto

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oods have been, or will be, damaged or removed.

One should also be aware of certain things after repossession. First of all, it is crucial that the lender serves a post-possession order on the borrower and any guarantors within 21 days of repossession. Second, the lender is not eligible for selling the goods until the expiration of a post-possession notice. Then, borrowers have the right to obtain an independent valuation of goods repossessed.

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