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Home repossessions are at their lowest level since 2007

Alabama residents may be interested to learn of a positive statistic that may be another signal of a strengthened economy. Recently, it was reported that bank repossession of homes are 29 percent less frequent than one year ago. This is great news for many homeowners who are still struggling to make their mortgage payments every month.

Some states have been more successful that others in dramatically reducing the rate of repossessions. One state reduced its repossession February 2013 rate by 78 percent from its rate in February of 2012. However, other states are still experiencing some temporary rises in foreclosures which have been previously delayed by the courts.

Some of the states that experienced massive foreclosure rates have been able to take advantage of the government's Home Affordable Refinance Program and this has helped many residents hold on to their property during the economic downturn.

When an individual is struggling with missed payments for a mortgage or automobile loan, they may be faced with the prospect of the repossession of their most cherished assets. That is why asset forfeiture can be a stressful and difficult to manage for many individuals. Some individuals may be struggling with the possibility of having their automobile repossessed as well. It is important to remain calm if faced with this prospect, and remember that there are ways to stop the repossession from taking place.

In an individual is faced with the prospect of asset forfeiture, it is important to gather as much information as possible regarding what options are available. With the right plan, consumers may find that they can work out an arrangement that allows them to keep what they need and also satisfies their creditors.

Source: Bloomberg.com, "Home Repossessions Drop 29% to Lowest in U.S. Since 2007" Dan Levy, March 14, 2013

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