I believe that debt collectors should pursue former homeowners for foreclosure debts. When you take out a mortgage on a property, you agree to make the repayments. It should not be something which you can just simply walk away from. I do believe that the debtor should have time to make the repayments without causing too much hard ship, but should be paid.
A better solution can be a relief for debts overdue 7 and more years. Also, I am totally against collectors to go over former homeowners. Firstly the loan is always collateralized with mortgage that covers the amount of the loan. And that collateral has to be the first and only asset the collectors must use to repay the borrowed money. If something went wrong the mortgage doesn`t cover the loan amount it`s the lenders responsibility to calculate risk. It`s lenders that have to pay for the miscalculated risks, not the borrowers.
At this point it's widely known that the financial crisis was in large part triggered by sub-prime mortgages which lenders approved for less than ideal candidates. It should come as no surprise, then, that so many of these people have since defaulted on their loan and had their home foreclosed on them. To punish them for a decision that the banks wrongly made would obviously be terribly wrong. Rather, the banks themselves should have to pay this debt.
If people are no longer in the home they owe money on, I think the only thing they should be charged is a monthly "rent" for the time they lived there and that the rest of the debt should be erased. Unfortunately collection agencies are relentless and I could never see them adopting this policy. It's sad that money has such crushing influence on everyone and that people that owe money are considered criminals in the same ranks with rapists and murderers --that you can be charged with a felony for tax evasion or large sums of debt is obscene.