Source : Webster's Revised Unabridged Dictionary (1913)

Repossession \Re`pos*ses"sion\ (r?`p?z-z?sh"?n or -p?s s?sh"?n),
   n.
   The act or the state of possessing again.

Source : WordNet®

repossession
     n : the action of regaining possession (especially the seizure
         of collateral securing a loan that is in default)