How do they repo a house?

Answer by  patti (29325)

Each state has a process by which the occupants of the house are order to vacate. In the case of a rental, the landlord/owner assumes possession; if the property is mortgaged and the mortgage defaulted, the lender files for foreclosure, in which case the lender then owns the property and can dispose of it accordingly.

Answer by  Ann89 (613)

The banks can repo a house when the owner is not making the necessary repayments. The bank holds the title and gives them the authority to take full ownership of the house. The bank will most likely foreclose on owners who are in arrears with their mortgage and will have to be sold.