Archive for May, 2008

Countrywide Financial’s CEO helps homeowner save home from foreclosure.

May 22, 2008

It just goes to show you that you should be very careful when sending messages via email.

Countrywide Financial’s CEO and founder Angelo Mozilo accidently hit the reply all button and included a homeowner that was requesting that his mortgage loan terms be modified.

After some negative attention it seems that Countrywide has responded by helping this homeowner keep his home.

I have often wondered what the statistics were for individuals that are in the process of foreclosure.

What exactly happened to cause these people to stop making their mortgage payments?

Did they lose their job, get a pay cut, get a divorce, become sick or disabled or just plain coulnd’t continue to make the payments on the debt obligations?

You would think that the home mortgage would be the last debt that would suffer if you got in a crunch.

This is one of the reasons why each individual should manage their debt and probably put together a plan to eliminate all of their high interest debt.

In the past few weeks there have been a very large number of Sheriff Sale notices in our local newspaper.

I have considered trying to contact the borrowers to find out what exactly caused them to get so far behind on their payments.

Locally, we have been hit a couple times with layoffs and the major employers.

This would obviously have an impact on any homeowner let alone the marginal ones that were barely able to make their debt payments.

If anyone has heard of any studies done on this, I would be very interested in seeing the results.