Another Happy Home Owner!!

By Todd Abelson NMLS #180858 on .

Stephan VanCleve and Melinda Davison
Portland, Oregon
Davison Van Cleve PC, Attorneys At Law
Tucson, Arizona Second Home Buyers

“Todd did a great job and we would highly recommend him!”

Click the play button below to listen in to one of many happy homeowners that used Todd Abelson for their home loan needs.

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Why Healthy Bodies and Healthy Marriages May Be More Relevant To Slowing Foreclosures Than Interest Rate Adjustments

By Todd Abelson NMLS #180858 on .

reasons for foreclosure

As the largest sub-prime loan servicer in the country, Countrywide handles payments for 11.90% of the sub-prime market.  That’s a massive $120 billion worth of loans.

The sheer size of that portfolio is why I am publishing the above chart.  Normally, data from one lender wouldn’t be enough for a clean sample, but Countrywide is the largest servicer of loans and it holds that title by a longshot.

According to Countrywide’s servicing department, just 1.4 percent of its loans that defaulted in July 2007 defaulted because of “payment adjustment”.

That’s a tiny number.

The publicly available presentation also noted the other reasons why its homeowners defaulted on their mortgages:

  • A decrease in household income led to 58.3 percent of all foreclosures
  • Medical bills and/or illness led to 13.2 percent of all foreclosures
  • Divorce led to 8.4 percent of all foreclosures
  • Inability to sell a home led to 6.1 percent of all foreclosures
  • Death caused 3.6 percent of all foreclosures

(more…)