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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Does a Recent FDCPA Appellate Decision Conflict with CPFB Guidance?
25 July 2013
Americans with an Account in Third Party Collections Hits All-Time High...Again
15 May 2013
CFPB Releases ALL the Consumer Complaint Data
29 March 2013
Javlin Capital Partners with First Equity Capital to Purchase Non-performing Residential Mortgages and "REO"
11 March 2013
Number of Americans with Third Party Debt Collection Account Hits All-Time High
5 March 2013
Green Tree Credit Solutions Increases Collection Rate by 25 Percent Using Latitude Software
25 January 2013
Appeals Court Rules Foreclosures are "Debt Collection" Under FDCPA
16 January 2013
Mortgage Delinquency Rate to Stay High in 2013; Credit Card Delinquencies to Remain Low: TransUnion
12 December 2012
Consumer Loan Delinquencies and Charge-Offs Touch Fresh Lows, Except for Mortgages
26 November 2012
FTC and CFPB Team Up on Mortgage Advertising; Commence Enforcement Actions
20 November 2012
National Mortgage Loan Delinquency Rate Continues Downward Track in Third Quarter
14 November 2012
CFPB Spells Out Debt Collection Industry Larger Market Participants
24 October 2012
UPDATE: Location Announced for CFPB Field Hearing on Debt Collection
19 October 2012
Treasury: Fannie, Freddie Need Outside Help with Bad Loans
18 October 2012
FTC Announces $1.6 million Settlement with Equifax and its Credit Information Customers
11 October 2012
Getting Ready for 2013 - Asset Class Diversification
1 October 2012
Equifax Reports Significant Improvement in Delinquency Rates Across Multiple Sectors
24 August 2012
Tonetti: CFPB Supervision to Create 'Level Playing Field' for Credit Market Participants
13 August 2012
CFPB Proposes Rules for Mortgage Servicers
10 August 2012
National Mortgage Loan Delinquency Rates Continue To Drop, Down 9% in 2012
8 August 2012