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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November Foreclosures Decrease 7 Percent from Last Month; Increase 28 Percent from Last Year
11 December 2008
TransUnion.com: Mortgage Delinquency Rates Rise for Seventh Straight Quarter
8 December 2008
Unexpected Increase in Mortgage Applications
26 November 2008
Weakness Broadens Across U.S. Housing Market as Credit Crunch, Economy Take a Toll
24 November 2008
Hyland Software Partners with Ocwen Financial Corporation
13 November 2008
Government Rolls Out Program for Mortgage-Holders in Trouble
12 November 2008
Radian Swings to Profit in Q3; Sherman Stake Contributes $16 million
5 November 2008
Global REIT Markets Continue to Cope With the Financial Storm
31 October 2008
September Foreclosures Up 21 Percent from Last Year, Down 12 Percent from Last Month
23 October 2008
Servicing Loans Crucial to Success of the Bailout Plan
9 October 2008
CRA Not to Blame for Economic Crisis
7 October 2008
Bailout Gives Government 60 Day Ultimatum to Help Homeowners
6 October 2008
Consumer Loan Delinquencies Up Slightly in Second Quarter 2008: ABA
3 October 2008
Government Moves to Buy Bad Debt to Shore Up Markets
19 September 2008
Nomis Solutions Acquires Perspecta, LLC
16 September 2008
Foreclosure Activity Increases 12 Percent In August
11 September 2008
Washington Mutual Shares Trade at 17-Year Low as Regulator Monitors
11 September 2008
TransUnion: Mortgage Loan Delinquency Rates Rise For Sixth Straight Quarter
9 September 2008
Experian Research Highlights the Effects of the Mortgage Meltdown on Small Businesses
8 September 2008
Government Steps in to Control Fannie and Freddie
8 September 2008