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Post-purchase Counseling and Default Resolutions among Low- and Moderate-Income Borrowers

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Author Info
Lei Ding () (University of North Carolina Chapel Hill, NC 27599)
Roberto G. Quercia () (University of North Carolina Chapel Hill, NC 27599)
Janneke Ratcliffe () (University of North Carolina Chapel Hill, NC 27599)
Abstract

The rise of delinquencies and foreclosures in a softening housing market calls for systematic studies of default behavior and efforts to minimize the default risks. Using a sample of residential mortgages made to low- to moderate-income borrowers, this paper empirically examines the impact of a proactive post-purchase counseling service on moderately delinquent mortgages. It demonstrates that well-timed, situation-appropriate counseling, even over the phone, effectively increases the curing probability of delinquent borrowers. The findings hold even after accounting for unobserved heterogeneity among borrowers and the endogeneity problem. Many other factors, such as home equity, local economic conditions, and borrower and loan characteristics, also impact the transition of delinquencies.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol30n03/03.315_344.pdf
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Publisher Info
Article provided by American Real Estate Society in its journal journal of Real Estate Research.

Volume (Year): 30 (2008)
Issue (Month): 3 ()
Pages: 315-344
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Handle: RePEc:jre:issued:v:30:n:3:2008:p:315-344

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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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This page was last updated on 2009-12-3.

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