👉 Repossessed refers to a situation where an individual or entity has been unable to pay off their debts due to a legal process, such as bankruptcy, foreclosure, or other means of collection. In this context, a "repossessed property" typically refers to a residential property that is no longer in the possession of its owner and may be subject to eviction proceedings by creditors or authorities. This can result in a loss of ownership rights for the individual or entity who holds the property.
