HomeSite MapCompareFinanceDebtCasino PossessionThe mortgage definition for Possession:When a buyer signs the papers and receives the keys to the house, they officially take possession. Similar MatchesAdverse possessionAdverse possessionThe acquisition of title to property through possession without the owner's consent for a certain period of time. RepossessionRepossessionUsually occurs after a borrower seriously defaults on payments. The lender then legally evicts the borrower and usually auctions the property to recover losses. Click to compare definitions of Possession Click to view definitions beginning po |