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Repossession Laws

In general, repossession laws vary considerably across jurisdictions. Repossession is considered a self-help action, meaning that the lender may undertake it without having to go through any lengthy court processes, assuming that they do not disturb the peace in undertaking the repossession. Many US states require that borrowers are permitted to reinstate their loans, whereupon a borrower may retrieve their property after paying all past due amounts as well as any costs incurred by the lender during the repossession. In most jurisdictions, the lender is required to provide notice before repossessing property.