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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ABN AMRO U.S. Mortgage Unit Loses Data Tape
12 September 2006
U.S. Warns About Nontraditional Mortgages
12 September 2006
Fannie Mae to Reduce ARM Servicing Fees in 2006
12 September 2006
Freddie Mac Report Looks at Asian Homebuyers in the U.S.
12 September 2006
Mortgage Rates Dip Following Fed Announcement
12 September 2006
FBI Vows to Crack Down on Mortgage Fraud
12 September 2006
Regulators say Hot Housing Market Boosted Mortgage Fraud
12 September 2006
3rd qtr Mortgage Delinquencies Rise
12 September 2006
Freddie Mac Survey Asks Why More Delinquent Borrowers Don't Call Lenders for Help
12 September 2006
Cooler U.S. Housing Market to Slow GDP in 2006
12 September 2006
Housing Slowdown May Claim 800,000 Jobs
12 September 2006
Fannie Mae Misclassified $6.7 bln of Loans in 2004
12 September 2006
Bankrate.com Survey Illustrates Why Banks Should Stay Out of Real Estate
12 September 2006
New Home Sales Surge to Record High in October
12 September 2006
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