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_is a necessary but not enough condition for (1) Foreclosure (2) Payoff (3) Negative Equity (4) Delinquency
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Negative equity(3) is a necessary but not sufficient condition for foreclosure(1)

The results are empirically examined in a paper by Foote, Geraldi and Paul S willen and according to them, the lenders and policy makers face a challenging information problem in trying to help borrowers with negative equity, as it becomes difficult to find out which of the borrowers actually require help to prevent the loss of their homes to foreclosure.

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