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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Georgia Leads the Way in Home Foreclosures
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Wells Fargo Computer with Customer Data Missing
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House Panel Postpones Predatory Lending Markup
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Fed's Minehan Sees Mortgage Default Risk as No Threat to Economy
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U.S. Lawmaker: Affordable Housing to Stay in GSE Bill
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Treasury Official: Fannie, Freddie Bill Must Force Portfolio Cuts
12 September 2006
Freddie, Fannie Measure Included in Lobbying Reform Bill
12 September 2006
Judge Suspends County Law On Penalties for Predatory Lending
12 September 2006
Fed Comments: Slowdown in Housing Shouldn't Slow Consumer Spending
12 September 2006
US Treasury's Quarles-focusing on GSE Legislation
12 September 2006
U.S. Home Loan Demand Falls Despite Rate Drop
12 September 2006
Consolidation, Lay-offs Hit U.S. Mortgage Industry
12 September 2006
Home Sales Data Shows Housing Boom Slowing
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Fannie Mae Probe Points to Top Execs
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