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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Executive Change: Anne Sweeny to FBCS, Inc.
30 May 2007
Credit Crunch May Follow Mortgage Crisis, Warns Study
29 May 2007
TransUnion's TrueCredit.com Gauges American Sentiment on Mortgages
22 May 2007
Sector-Specific Trends Impacting Credit Card ARM: Mortgage
22 May 2007
First American CREDCO Partners With CreditXpert
21 May 2007
Fed: Banks Tightening Subprime Loan Standards
15 May 2007
PNC to Acquire ARCS Commercial Mortgage
10 May 2007
Pressure at Mortgage Firm Led to Mass Approval of Bad Loans
7 May 2007
Wells Fargo Financial Settles Subprime Mortgage Lawsuit
27 April 2007
Freddie Mac Analysis Reveals Causes of Mortgage Delinquency
25 April 2007
GMAC, GE Will Cut 1,400 Job Cuts on Subprime Decline
20 April 2007
Freddie Mac Announces $20 billion Subprime Commitment
19 April 2007
GE Beefs up Financial Collections Unit; Hires 700 Collectors
16 April 2007
Consumer Groups Call for Bankruptcy Reform Amid Subprime Meltdown
13 April 2007
Citigroup and Bank of America to Aid Subprime Victims
12 April 2007
U.S. House Committee to Hold Subprime Hearing
9 April 2007
Austin Logistics Provides Risk Mitigation for Beleaguered Mortgage Lenders
3 April 2007
Subprime Lender New Century Files for Bankruptcy; Sells Billing and Collection Unit
3 April 2007
Executive Change: John Kunysz to Kadent
2 April 2007
Credit Suisse Unit Sues Subprime Mortgage Lender
2 April 2007