Repossession often refers to the process where a property is reclaimed due to non-payment of non-mortgage debt. For example, if a mobile home was purchased using a personal loan or as collateral for a loan. If the owner failed to pay, the lender could repossess the home. After repossession, the lender usually sells the property to recover the money. Repossessions occur more rapidly than foreclosures and often involve personal property, like cars or mobile homes. Both processes result from loan defaults and typically end with the lender selling the property. The key differences lie in the type of debt that initiated the action and the specific legal processes that are followed.