Repossess

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If you have defaulted on a loan that you took out to buy something substantial like a house or a car, the lender you borrowed the money from typically has the right to take ownership of, or repossess, the house or the car as compensation for not being repaid (subject to local laws). Note that the Servicemembers Civil Relief Act may provide some protection against repossession for members of the armed services when they are on active duty. See also Foreclosure and Lien.