Time is often treated as neutral. In real estate paper, it is not. Time applies pressure quietly, consistently, and without interruption. 

Notes do not remain static. They age. And with age, unresolved elements tend to intensify. Aging is not simply the passage of time. 

Not all risk comes from the asset. Some risk comes from the timing of the decision

Most note problems become more expensive with time. Not because the original issue was severe. Because unresolved conditions rarely remain unchanged.

Many note holders assume stability is permanent until something changes. A more useful view is from the opposite perspective.