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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Bad Blood Over Bad Mortgage Loans
8 December 2006
Freddie Mac, Lenders Collaborate to Launch Homeownership Themed Telenovela
8 December 2006
Fed Could Be Done Raising Rates
8 December 2006
Economists Say Fed Will Hold Interest Rates Steady Today
8 December 2006
Wells Fargo CEO Says Bank has Prepared for Housing Slowdown
8 December 2006
Freddie Mac says U.S. investigation dropped
8 December 2006
Merrill Lynch to Buy Subprime Lender for $1.3 billion
12 September 2006
California Passes Reverse Mortgage Protection Bill
12 September 2006
Bankrate: Mortgage Rates Dip Following Uneventful Employment Report
12 September 2006
Option ARMs Bring Pain to Borrowers and Mortgage Industry
12 September 2006
Fed, FTC Have Yet to Issue Rules for Credit Protections Enacted in 2003
12 September 2006
Franklin Credit Announces Hedge Agreements
12 September 2006
Housing Chill Begins to Pinch Nation's Banks
12 September 2006
Fannie Mae Informed by Justice Department that Investigation is Discontinued
12 September 2006
Mortgage Lenders Forced to Raise Loss Reserves
12 September 2006
New Local Predatory Lending Law Targets Minority Zip Codes
12 September 2006
A.G. Edwards, Wells Fargo Home Mortgage Form Joint Venture
12 September 2006
Collection Agency Expands Capabilities with Top Property Management Firms
12 September 2006
Franklin Credit Announces New $40 Million Warehouse Credit Facility
12 September 2006
Experian Study Highlights Key Differences Between Consumers With and Without Mortgages
12 September 2006
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