Meaning of “repossession” in the English Dictionary

"repossession" in British English

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repossessionnoun [ C or U ]

uk /ˌriː.pəˈzeʃ.ən/ us /ˌriː.pəˈzeʃ.ən/

(Definition of “repossession” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"repossession" in Business English

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uk /ˌriːpəˈzeʃən/ us also informal repo FINANCE, PROPERTY

[ C or U ] the act of repossessing something:

The mortgage market has seen a marked increase in repossessions.
House prices fell and thousands were left facing repossession.
Many banks are accused of being harsh in their repossession policies.

[ C ] a house that has been taken back by a bank because the owners cannot repay the loan that they took to buy it:

When the house was sold as a repossession, it fetched just £45,000.

(Definition of “repossession” from the Cambridge Business English Dictionary © Cambridge University Press)