Since mortgages are the most secured of any loan type (a lender can foreclose on a house if the loan defaults), collection agencies generally don’t get much mortgage collection work. But there is one large exception: deficiency balances. If a lender approves the sale of a house for less than what is owed by the borrower, the difference is a deficiency balance. In the ongoing morass of the housing market, short sales are commonplace. Lenders will typically forgive deficiency balances. If they do not, that amount enters the ARM process and can find its way to debt collectors.
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Spain Next to Feel Housing Decline: Coface
18 October 2007
Paulson: Housing Getting Worse, Banks Should Help Themselves
17 October 2007
Subprime Will Be Back: Analyst
5 October 2007
Firm Helps Home Lenders Find Solid Risks
21 September 2007
Some Lenders More Willing to Foreclose
13 September 2007
Fannie Mae Expects Multiple Fed Rate Cuts
12 September 2007
Senator Proposes Fannie, Freddie Fix to Subprime Problems
12 September 2007
Mortgage Softness Hits Indymac Bank
11 September 2007
Subprime Storm Hurts WaMu, Bypasses Wachovia
10 September 2007
Mortgage Delinquencies and Foreclosures Up Big in Q2
7 September 2007
MGIC and Radian Deal Off, Sherman Impact Unclear
5 September 2007
Subprime Woes Change Face of Collections
28 August 2007
Subprime Meltdown Could Spur More Third-Party Collections: Analyst
27 August 2007
More Mortgage Lenders Announce Cuts and Closures
23 August 2007
Major Lenders Laying Off Thousands
21 August 2007
Subprime Lender NovaStar Cuts 37 percent of Workforce
17 August 2007
California and Ohio Cities Account for 10 of Top 20 Metro Foreclosure Rates
14 August 2007
Subprime Woes Take Center Stage
3 August 2007
HSBC Profits Rise, But Bad U.S. Debt Weighs
30 July 2007
NovaStar Completes Reverse Stock Split
30 July 2007
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