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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U.S. Purchase Mortgage Activity Falls to 2-year Low
12 September 2006
White House Sees Slow Drop for Home Sales
12 September 2006
Bernanke says Fannie, Freddie Portfolios Pose Risk
12 September 2006
Judge Rejects Motion to throw out Fannie Case
12 September 2006
Morgan Stanley Sees Expanding Mortgage Business
12 September 2006
Australian Debt Collection Agency Pushes for a Mortgage Default Register
12 September 2006
GMAC Mortgage to Handle Subservicing for Americorp Credit
12 September 2006
New State Lending Law Outlines Zip Codes for Credit Counseling
12 September 2006
Fannie/Freddie Bill to be Completed this Year
12 September 2006
Freddie Mac Home Loan Portfolio Grows but so do Delinquencies
12 September 2006
Ocwen Facing Litigation Wave
12 September 2006
AmeriQuest to Pay $325 million in Settlement
12 September 2006
Greenspan Warns Senators of GSEs' Systemic Risk
12 September 2006
Court Upholds Ruling against Predatory Mortgage Loans to Black Home Buyers
12 September 2006
E-LOAN and RE/MAX Regional Services Announce Strategic Alliance
12 September 2006
Fannie CEO Warns Against Mortgage Deduction Change
12 September 2006
Economists Eye Strong but Cooler Housing Market
12 September 2006
Fannie Mae Investigation Report Looks to be Clear of New Problems
12 September 2006
Wachovia Expands into German Mortgage Market
12 September 2006
Inverted Yield Curve to Cool U.S. Housing Market
12 September 2006
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