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Lender Forbearance: Evidence from Mortgage Delinquency Patterns

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  • Thomas M. Springer
  • Neil G. Waller
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    Abstract

    The length of time that residential mortgages remain in delinquency prior to foreclosure is examined using an Accelerated Failure Time (AFT) model and a database of 207 foreclosed conventional and Veteran's Administration (VA) mortgages. The results suggest that the primary factors influencing the timing of the lender's foreclosure decision are the borrower's equity position and the erosion of that position with continuing delinquency. Borrower bankruptcy and VA guarantees also lengthen the delinquency period. Delinquency periods for fixed rate mortgages (FRM) decrease when the market interest rate increases. Copyright American Real Estate and Urban Economics Association.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/1540-6229.00602
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    Bibliographic Info

    Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

    Volume (Year): 21 (1993)
    Issue (Month): 1 ()
    Pages: 27-46

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    Handle: RePEc:bla:reesec:v:21:y:1993:i:1:p:27-46

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    Cited by:
    1. Bart Lambrecht & William Perraudin & Stephen Satchell, 1996. "Time to Default in the U.K. Mortgage Market," Archive Working Papers 016, Birkbeck, Department of Economics, Mathematics & Statistics.
    2. Chintal Desai & Gregory Elliehausen & Jevgenijs Steinbuks, 2013. "Effects of Bankruptcy Exemptions and Foreclosure Laws on Mortgage Default and Foreclosure Rates," The Journal of Real Estate Finance and Economics, Springer, vol. 47(3), pages 391-415, October.
    3. Jun Chen & Yongheng Deng, 2013. "Commercial Mortgage Workout Strategy and Conditional Default Probability: Evidence from Special Serviced CMBS Loans," The Journal of Real Estate Finance and Economics, Springer, vol. 46(4), pages 609-632, May.

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