It is hard to believe that people who have taken out mortgages become best friends with their mortgage lenders. Mortgage lenders raise rates as they please, and then, when they don't receive that payment, they will take away your place of residence. Today, this is a disturbing trend that results in American homeowners either underwater or renting an apartment. And now, banks are attempting to get their money back from the foreclosure sale.

In today's suffering economy, it is all too often that a house goes into foreclosure and the amount due on the mortgage is more than the amount that the house was sold for. This remaining balance is called deficiency and it leaves mortgage lenders at a loss for words.

And regardless of the fact that there can be an agreement with the mortgage lender or bank to sell the house for less, these institutions might still want to be paid the remaining balance. Some factors may increase one's risk for this sticky situation including credit history, other assets owned, and liens such as second mortgages.

This problem is especially important to a new group of homeowners who are opting to walk out on their houses even though they are able to afford payments. This is known as the "strategic foreclosure." The belief of the people that do this is that it is better to pay rent at $1,000 than $3,000 on a mortgage every month.

Obviously, the mortgage lenders look at these strategic foreclosures with disgust. And it is no surprise that they are boosting their attempts to retrieve the money that is owed on such houses. The main targets? Homeowners who are just slightly behind on home payments.

Banks and mortgage lenders don't have to address this issue right after the house is foreclosed and then sold. It is actually in their best interest to go after the money years after the fact. It is much more lucrative for them this way, because once someone recovers from financial failure and their credit goes up, there is more money to be taken.

Collection agencies will collect on debts starting at $25,000 or more. To get around deficiency judgments, you should always take a look at the paperwork. Never sign anything that says anything about remains being owed and have the mortgage lender release any more obligations on the mortgage.

Mallory Megan works for a debt collection agency. She also composes articles on business, finance, consumer spending and collection agencies. This and other unique content 'collection services' articles are available with free reprint rights.