Bank Takeback is a term used in the banking industry to refer to the process of repossessing a property from a borrower who has defaulted on their loan. The term REPO is an acronym for 'repossession, ' which is the legal process of taking back a property that has been pledged as collateral for a loan. In the case of Bank Takeback, the lender will take back the property and sell it in order to recoup the money they are owed.