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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Subprime Market Seeing Greater Regulations
16 July 2007
Foreclosures Set Record in First Half of 2007
13 July 2007
Novastar Loses In Court, May Win Buyer
12 July 2007
Subprime Fallout Widens
11 July 2007
Subprime Losses Could Top $50 billion
9 July 2007
U.S. Subprime Defaults to Rise, Credit Suisse Says
6 July 2007
Delinquency Rate on All Loans Hits High in Q1; Credit Cards Improve
3 July 2007
Discover Stock Off to Ho-Hum Start
2 July 2007
Regulators Crack Down On Subprime Home Loan Practices
29 June 2007
Experian: Subprime Consumers Pay Card Debt Before Mortgage
21 June 2007
Mortgage Delinquencies Drop in Q1, Foreclosures Set Another Record
15 June 2007
Hedge Funds Ask SEC to Look Out for Subprime Manipulation
13 June 2007
Regulators Kept Quiet as Subprime Lenders Targeted Minorities
13 June 2007
Charge-offs in Q1 Much Higher than Last Year
8 June 2007
ASF Issues Guidelines for Subprime Mortgage Loan Modifications
6 June 2007
Accredited Home Lending agrees to $400M purchase
5 June 2007
JP Morgan Quietly Climbs Subprime Ladder
1 June 2007
Mortgage Telemarketing Coming Under Scrutiny
30 May 2007
Executive Change: Anne Sweeny to FBCS, Inc.
30 May 2007
Credit Crunch May Follow Mortgage Crisis, Warns Study
29 May 2007
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