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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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insideARM Weekly Recap - Week of August 26th, 2024

3 September 2024
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7th Circuit: Credit reporting agency did not provide inaccurate info

29 August 2024
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CFPB Bites of the Month - July 2024 - The CFPB Shines Like the 4th of July

14 August 2024
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CFPB Bites of the Month - May 2024 - CFPB: Light My Way, Virginia May

5 June 2024
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CFPB Publishes Consumer Response Annual Report

18 April 2024
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CFPB Reports Credit Applications Have Recovered to Pre-Pandemic Levels; Releases Tool to Help Renters And Landlords

2 August 2021
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8th Cir. Confirms Various Loss Mit and Foreclosure Communications Not Subject to FDCPA

22 July 2021
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California DFPI Commissioner Alvarez Issues Strong Reminder to Debt Collectors

19 April 2021
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CFPB's Latest Report Focuses on Actual Payment Information in Credit Reports

2 December 2020
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Nevada Confirms that its Work from Home Provisions Have Expired

24 August 2020
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2nd Cir. Confirms No Private Right of Action for FCRA ‘Direct Dispute’

19 August 2020
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Several States Update COVID-19 Regulations and Emergency Orders (NY, MD, OR, NJ, WA)

20 April 2020
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Lively Debt Collection Debate Likely in House Fin. Servs. Committee Hearing Tomorrow

25 September 2019
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11th Cir. Rules in Favor of Mortgage Servicer in FCRA Putative Class Action Related to Reasonable Investigations

4 June 2019
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U.S. Supreme Court Holds that Law Firms Performing Nonjudicial Foreclosures are Not Debt Collectors

20 March 2019
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Three Lessons for Debt Collectors from the CFPB’s Latest Supervisory Highlights: Amount Owed Accuracy, Disclosures, And Payment Dates

13 March 2019
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CFPB Publishes its Fall 2018 Semi-Annual Report: Credit Invisibility, Mortgage Shopping, Consumer Complaints, and a Laundry List of Enforcement Actions

27 February 2019
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Sixth Circuit: “Cease” Requirement Includes Third Party Activities Put Into Action by Debt Collector

14 January 2019
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Supreme Court Split in Unexpected Ways During Oral Arguments for Obduskey v. McCarthy & Holthus LLP

10 January 2019
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BCFP Files Amicus Brief in U.S. Supreme Court Case, Concludes Law Firm Did Not Engage in Debt Collection by Initiating Nonjudicial Foreclosure

19 November 2018

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