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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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PNC to Sell $2 billion in Loans

8 December 2006

ACS Renews and Expands BPO Contract With First Horizon Home Loan Corporation

8 December 2006

ForeclosuresMass.com Reports That Massachusetts Foreclosures Soar 72% in August

8 December 2006

Economists Say Fed Will Hold Interest Rates Steady Today

8 December 2006

Bad Blood Over Bad Mortgage Loans

8 December 2006

Fed Could Be Done Raising Rates

8 December 2006

Freddie Mac, Lenders Collaborate to Launch Homeownership Themed Telenovela

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

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

Merrill Lynch to Buy Subprime Lender for $1.3 billion

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

Experian Study Highlights Key Differences Between Consumers With and Without Mortgages

12 September 2006

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