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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Franklin Credit Announces New $40 Million Warehouse Credit Facility
12 September 2006
New Local Predatory Lending Law Targets Minority Zip Codes
12 September 2006
Fannie-Freddie Unlikely to Regain Mortgage Dominance
12 September 2006
Default Research Reports Florida and California Have Widespread Decline in Foreclosures
12 September 2006
Franklin Credit Announces Debt Modifications
12 September 2006
Official says Several Years Needed for Fannie, Freddie Reforms
12 September 2006
Bankrate To Acquire Three Websites for $4.4 million
12 September 2006
Genpact to Acquire MoneyLine Lending Services
12 September 2006
Non-Profit to Call 994,001 Homeowners with Adjustable Rate Mortgages to Warn of Rate Shock
12 September 2006
New Joint Credit Score for Sale to Consumers; Lenders Slow to Adapt
12 September 2006
Washington Mutual to Sell $140 Billion Mortgage Servicing Operation to Wells Fargo
12 September 2006
California Defaults Increase Across the West
12 September 2006
ChoicePoint Acquires Insuratec, Expands Insurance Services Offerings
12 September 2006
Colorado Leads the Nation in the Number of Foreclosures
12 September 2006
FDIC: Housing to Take Back Seat in U.S. Economy
12 September 2006
Lawsuit Claims Bureaus? Practice Lowers Credit Score
12 September 2006
Foreclosures may jump as ARMs reset
12 September 2006
Ohio Banks Accused of Sending Bad Loans to FHA
12 September 2006
Fannie Mae Faces Huge Hurdle as OFHEO Report Nears
12 September 2006
Georgia Leads the Way in Home Foreclosures
12 September 2006