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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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6 August 2008

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29 July 2008

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Federal Grand Jury Investigating Three Mortgage Lenders

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ChargeSmart Establishes Headquarters in San Francisco

24 July 2008

U.S. House Approves Mortgage Bill to Protect Fannie and Freddie

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Executive Change: ProVest Names Jim McDermott Vice President of Operations

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