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Author: Elisabeth Dicker
Publisher:
ISBN:
Category :
Languages : en
Pages : 80
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Book Description
A mortgage default arises when a borrower fails to make monthly payments to their principal balance or interest on a home loan. Yet, defaulting can also occur with credit card and student loans In this book, you will discover: - What "strategic mortgage default" is and why banks and lenders are often powerless to stop the situation... - The scare tactics banks use to coerce... or even threaten homeowners into keeping up with their monthly mortgage payments (I show you a way to get around these almost devious scare tactics.) - The #1 tool banks and lenders like to use to discourage strategic mortgage default... and why it is so painfully effective for MOST people - The truth about strategic mortgage default... and why it is NOT as unethical as the banks and government makes it out to be (What you read here may shock you!) - Why it is NOT in the bank's best interests that you default on your mortgage... and what you can do to take advantage of this fact - And so much more! Get your copy today!
Author: Elisabeth Dicker
Publisher:
ISBN:
Category :
Languages : en
Pages : 80
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Book Description
A mortgage default arises when a borrower fails to make monthly payments to their principal balance or interest on a home loan. Yet, defaulting can also occur with credit card and student loans In this book, you will discover: - What "strategic mortgage default" is and why banks and lenders are often powerless to stop the situation... - The scare tactics banks use to coerce... or even threaten homeowners into keeping up with their monthly mortgage payments (I show you a way to get around these almost devious scare tactics.) - The #1 tool banks and lenders like to use to discourage strategic mortgage default... and why it is so painfully effective for MOST people - The truth about strategic mortgage default... and why it is NOT as unethical as the banks and government makes it out to be (What you read here may shock you!) - Why it is NOT in the bank's best interests that you default on your mortgage... and what you can do to take advantage of this fact - And so much more! Get your copy today!
Author: Michael Bradley
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This paper studies strategic default -- the willingness of a borrower to walk away from a mortgage when the value of the home falls below the unpaid principal balance despite an ability to pay. This study differs from the literature in two fundamental ways: first, we use unique data assets describing the household's equity position and capacity to carry the debt in addition to credit performance to identify strategic defaulters accurately. Secondly, we address externalities from local foreclosures and other strategic defaults and find that the incidence of strategic default is sensitive to the presence of other nearby strategic defaulters. These results have significant implications for foreclosure and loss mitigation policies employed by servicers and investors.
Author: Meagan McCollum
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
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Book Description
Many borrowers make extra principal payments on their mortgages (curtailers). Some of these curtailers subsequently go through foreclosure and lose any benefits from their curtailments. Such curtailers reveal ex-ante non-strategic preferences towards default. We contrast the default sensitivity to leverage of curtailers vis-รก-vis noncurtailers to isolate the strategic component of default. Our results show between 2008 and 2012 that the strategic component of default was less than 27% of overall default. We demonstrate robustness of the findings to measures of borrower liquidity, sample compositions, and legal settings that shift the value of strategic default.
Author: Angelique Harbater
Publisher:
ISBN:
Category :
Languages : en
Pages : 80
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Book Description
A mortgage default arises when a borrower fails to make monthly payments to their principal balance or interest on a home loan. Yet, defaulting can also occur with credit card and student loans In this book, you will discover: - What "strategic mortgage default" is and why banks and lenders are often powerless to stop the situation... - The scare tactics banks use to coerce... or even threaten homeowners into keeping up with their monthly mortgage payments (I show you a way to get around these almost devious scare tactics.) - The #1 tool banks and lenders like to use to discourage strategic mortgage default... and why it is so painfully effective for MOST people - The truth about strategic mortgage default... and why it is NOT as unethical as the banks and government makes it out to be (What you read here may shock you!) - Why it is NOT in the bank's best interests that you default on your mortgage... and what you can do to take advantage of this fact - And so much more! Get your copy today!
Author: Hae Eyles
Publisher:
ISBN:
Category :
Languages : en
Pages : 80
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Book Description
A mortgage default arises when a borrower fails to make monthly payments to their principal balance or interest on a home loan. Yet, defaulting can also occur with credit card and student loans In this book, you will discover: - What "strategic mortgage default" is and why banks and lenders are often powerless to stop the situation... - The scare tactics banks use to coerce... or even threaten homeowners into keeping up with their monthly mortgage payments (I show you a way to get around these almost devious scare tactics.) - The #1 tool banks and lenders like to use to discourage strategic mortgage default... and why it is so painfully effective for MOST people - The truth about strategic mortgage default... and why it is NOT as unethical as the banks and government makes it out to be (What you read here may shock you!) - Why it is NOT in the bank's best interests that you default on your mortgage... and what you can do to take advantage of this fact - And so much more! Get your copy today!
Author: Ryan Goodstein
Publisher:
ISBN:
Category :
Languages : en
Pages : 43
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Book Description
Using a large sample of U.S. mortgages, we document contagion effects in strategic mortgage defaults. These result from borrowers choosing to exercise their in the money default option. Our findings suggest this choice is influenced by the delinquency rate in surrounding zip codes after controlling for determinants of mortgage default. The fact that the local area delinquency rate is an important factor for strategic defaulters but not for defaults that are the result of inability to pay supports the contagion hypothesis. Our estimates suggest a 1% increase in the delinquency rate increases the probability of a strategic default up to 16.5%.
Author: Michael Seiler
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This study examines strategic mortgage default on a neurological level. Specifically, we test two mainstream behavioral finance/economic theories: sunk cost fallacy and cognitive dissonance. Using fMRI technology, we identify a number of substrates within the brain that provide a neurobiological explanation for why some homeowners exercise their mortgage put option while others do not. We find that borrowers rationally do not suffer from the sunk cost fallacy as it relates to strategic default in that they significantly prioritize their negative equity position over the amount of their initial down payment. We do, however, find neurological support that cognitive dissonance is relevant in homeowners' though processes as they toil with the hesitancy brought on by the believe that strategic default is immoral against the strong financial incentive to walk away from a substantially underwater mortgage.
Author: Michael Seiler
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Book Description
This article discusses the often overlooked ramifications of strategic mortgage default and the widespread implications it has on our sense of community, economic and financial stability, as well as mental and physical well-being. Too often studies examine only the one-off economic effects of strategic default, or more broadly, the foreclosure contagion effect. But, recent work in the mainstream finance literature suggests larger picture issues such as national health care costs are also substantially impacted by major market movements such as the recent U.S. housing bubble.
Author: Christopher D. Forrest
Publisher:
ISBN: 9781475299335
Category : Foreclosure
Languages : en
Pages : 104
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Book Description
Do you owe more on your mortgage than your home is worth? Are you struggling with an underwater mortgage? Do you wish you could just walk away? YOU CAN! In THE STRATEGIC DEFAULT PLAN, nationally renowned attorney Christopher Forrest guides you through his step-by-step strategic default plan, and teaches you the secrets and inside information you need to know to walk away from your mortgage. THE STRATEGIC DEFAULT PLAN is a 'must-read' guide for anyone stuck in an underwater mortgage. Attorney Christopher Forrest has advised and represented thousands of property owners in strategic defaults and foreclosure defense. His law practice and legal techniques have garnered national media attention and The Forrest Law Firm has been featured in over 84 newspaper articles, television reports, the Associated Press, Bloomberg News, AOL News, and The Huffington Post. Once considered taboo, choosing to walk away from a mortgage in a strategic default has become increasingly more common and acceptable, particularly as American consumers become aware that banks are not taking adequate steps to help property owners keep their homes. Anyone who has attempted to apply for a mortgage modification or conduct a short sale knows how difficult it is to deal with most banks. More Americans are becoming angry that these banks have taken billions of dollars in taxpayer bailouts, and then have used that money to forcibly remove hundreds of thousands of Americans from their homes. Many families have come to the realization that there will be no bailouts for the American homeowner struggling to make mortgage payments. No one is coming to save them. They feel abandoned by their banks and by their government. If you feel this way, you are not alone. And you are right. Attorney Christopher Forrest has spent years defending American homeowners in a war being waged against them by banks and financial institutions. The courtrooms of America have become the battleground in this war. The American homeowner is losing. But you have the means to fight back. You have the ability to unshackle yourself and walk away. To survive in these new times, in this "new normal," you must come to the realization that since no one is coming to help you, you must help yourself. You must take stock of your financial situation and your future. You must put yourself and your family first. You must decide what is in your best interest, and then let nothing stand in your way. THE STRATEGIC DEFAULT PLAN can help you take control of your financial future. Don't wait. Buy your copy of THE STRATEGIC DEFAULT PLAN today!
Author: Xianghong Li
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Some homeowners might intentionally skip mortgage payments that they can afford to be eligible for mortgage modification programs, such as Home Affordable Mortgage Program (HAMP). We use a natural experiment to investigate such strategic behavior. We find that the modification program not only substantially increases the default rates among borrowers who were current in their loan payments, but also dramatically decreases the cure rate of those already in payment delinquency before the settlement, and the latter venue has been largely overlooked in the literature. Evidence from our base sample indicates that, four months after the modification announcement, modification-induced strategic default is about nine percentage points, on a base default rate of thirty percent. Further, modification-induced strategic defaults appear to be quite widespread and more severe among more risky loans.
