Lenders unload mortgages to collection agencies ORLANDO, Fla. - April 21, 2010 - Lenders are selling second mortgages and home-equity lines in default to collection agencies that have the right to collect this money potentially for decades."It's a big business, and investors are coming out of the woodwork," says Sylvia Alayon, a vice president for Consumer Mortgage Audit Center, which analyzes mortgage documents for lenders, advocacy groups, and attorneys.Real estate professionals will be doing their short-sale clients a big favor if they urge them to get professional advice … (6 comments)
We knew this was comming. Bad news for all those Short Sellers.
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