mortgage delinquency

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Mortgage delinquency is a term often used in the context of real-estate to define a situation in which the borrower (homeowner) of a mortgage loan is late on required mortgage payments. After a certain point of delinquency (this varies by state, but usually after 30-60 days) the lender may begin foreclosure proceedings, which means the mortgage loan holder might take back the property or add late fees which will negatively impact the borrower’s credit.

Click here for information of foreclosures in New York State. 

[Last updated in April of 2022 by the Wex Definitions Team]