With the mortgage lending market facing a sudden increase in rising default rates, White Plains, New York-based Debt Resolve, Inc. has launched DR-Default™ - an online tool that collects defaulted mortgage and automobile loans. According to Debt Resolve, the new tool lets delinquent borrowers log onto a secure Web site, where they will find options and advice on how to pay or settle troubled loans.
According to a company press release, “DR-Default™ was created in response to the rising default rates on subprime loans. It enhances Debt Resolve’s other products for collecting credit cards, student loans, utilities, and other types of consumer debt. DR-Default™ is easily integrated into clients’ collection systems. In addition, clients may authorize collection agents to use this product, or place their accounts with Debt Resolve’s wholly-owned collection agency, First Performance Corp. First Performance is experienced in collecting defaulted mortgage and subprime debt.”

With more borrowers facing hardships in today’s market, the company believes the tool benefits parties on both sides of the lending paradigm.
James Burchetta, Debt Resolve Chairman and CEO said, “It is our experience that banks and other lenders want to treat their customers fairly and are concerned about the rising default rates. DR-Default™ will allow debtors to access a secure Web site to pay and settle their defaulted debt, and in some cases, receive alternative options to cure the default. DR-Default™ will assist in containing the damage caused by the recent increase in defaults within the subprime market.”
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