repossession
noun
FINANCE, PROPERTY uk/ˌriːpəˈzeʃən/ us(also informal repo) [ 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.