Writ Of Seizure And Sale
Categories: Regulations, Banking
A writ of seizure and sale is the beginning of an involuntary garage sale where some judge sells all your stuff for you, then takes the profits and gives them to someone who’s...not you. Kind of.
The writ of seizure and sale is an official document issued by a court that allows the petitioner (usually a bank that you owe money to) to take your stuff, sell it, and use the money to go toward what you owed them.
This should only happen if a borrower is in default and can’t pay back a loan. If you’ve missed a few payments, you shouldn’t be getting a writ of seizure and sale. It’s more like a last resort when they’ve tried all other possible ways to squeeze money out of you.