If the debtor defaults on his agreement with the creditor,one of the creditor's options is to repossess the collateral and then sell it.

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If the debtor defaults,the secured creditor may either forget the collateral,and sue the debtor on his note or promise to pay;repossess the collateral,and use strict foreclosure-in some cases-to keep the collateral in satisfaction of the remaining debt;or repossess and sell the collateral,and then,depending on the circumstances,either sue for any deficiency or return the surplus to the debtor.

If the Debtor Defaults on His Agreement with the Creditor,one