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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Goldman Sachs Buys $1.3 billion in Bad Loans from German Bank
14 December 2006
Subprime Mortgage Lender Closes Down
14 December 2006
Mortgage Applications Hit Highest Levels in Over a Year
14 December 2006
Mortgage Rates Fall to 14-Month Low
8 December 2006
Fannie Mae Wipes Out $6.3 billion in Earnings in Restatement
8 December 2006
Late Payments on Subprime Loans Soar in 2006
8 December 2006
Judge Nullifies County's Strict Lending Law
8 December 2006
Bankrate: Mortgage Rates Drop for Third Straight Week
8 December 2006
Franklin Credit Management Reports Increase in Revenue, Drop in Loss for Q3
8 December 2006
TransUnion Teams Up with Filogix on Mortgage Risk Prediction
8 December 2006
Alternative Credit Scoring Would Boost Mortgage Lending
8 December 2006
Credit Report Atlas & Office Assistant Gals Announce Mortgage Collaboration
8 December 2006
Fannie Mae Delays Q3 SEC Filing
8 December 2006
Bankrate: Mortgage Rates Come Full Circle
8 December 2006
H&R Block Considering Strategic Alternatives for Mortgage Unit
8 December 2006
Bankrate: Economic News Depresses Mortgage Rates
8 December 2006
Bank Trade Groups Ask Fannie Mae to Abandon US Patent
8 December 2006
FDCPA Update Bill from a Landlord's Perspective
8 December 2006
ECC Capital to Sell its Subprime Mortgage Division to Bear Stearns
8 December 2006
Wall Street Journal: Bad Loans Draw Bad Blood
8 December 2006
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