There are three types of repossessions
Voluntary Repossesion: an act whereby the owner of a mortgaged property voluntarily surrenders the latter to his or her mortgagee (lender). The instrument is equivalent to paying the debt if it cannot be repaid in cash.
Voluntary Repossession - Taking in Payment: an instrument whereby the owner of a mortgaged property voluntarily surrenders the latter to his or her mortgagee (lender). The instrument is equivalent to paying the debt if it cannot be repaid in cash. The creditor takes the property as payment.
Voluntary Repossession- Cancellation of Sale: an instrument whereby the owner of a mortgaged building voluntarily surrenders the latter to his or her mortgagee (lender). The instrument is equivalent to paying the debt if it cannot be repaid in cash. In addition, the resolution of the sale means that, following the debtor's failure to comply with the obligations to which (s)he had committed in the past, the contract of sale is cancelled.