Subprime mortgage, but no foreclosure

Subprime mortgage, but no foreclosure

“You deserve to lose your home.”

That’s what David Abel’s father told him when David and his wife, Gloria, bought their Springettsbury Township home.

In order to take on the risk of their credit history, the lender offered the Abels a loan with a higher interest rate than the norm — typically referred to as a subprime mortgage.