Self-help repossession is also known as repossession without judicial process or nonjudicial foreclosure in certain states. This term refers to the act of retaking possession of an asset used as loan collateral when a borrower defaults on a loan.
Self-help repossession is usually used when the subject of the loan is tangible personal property, like a vehicle or household furniture. State law determines the legal remedies a lender or creditor can use when a borrower defaults.