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missdaredevil
Joined: 08 Dec 2004
Posts: 1670
Location: Ask me
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 Posted: Sun May 07, 2006 12:03 am Post subject: repo house? |
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What do you call the kind of house bought from a court? Usually the owners fail to pay for their debt and therefore the court order them to sell their houses?
A repo house?
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Brian Boyd
Joined: 18 Oct 2005
Posts: 176
Location: Bangkok, Thailand
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| Posted: Sun May 07, 2006 4:43 am Post subject: |
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Right.
Repo is short for repossessed.
The owners can't make their payments, so the building society or bank that leant them the money, repossess the property and sell it in order to recover their money.
Brian
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