Big Take Podcast
Debt Collectors Are Cashing In On Dormant Second Mortgages
“Zombie” mortgages have become big business for debt collectors. On today’s Big Take podcast, we dig into how we got here.
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They’re called “zombie” mortgages: old second loans from the subprime era that many homeowners had good reason to believe were canceled or forgotten. Now, years later, debt collectors are coming after the money. And they’re ready to foreclose if people can’t pay. It sounds like a horror story, but a new Bloomberg investigation has found that it’s a terrifying reality — and hundreds of thousands of homeowners could be at risk.