A situation in which the borrower of a mortgage loan is late on payments. Beyond a certain point (usually 30 to 60 days), the mortgage loan holder may begin foreclosure proceedings.
Definition from Nolo’s Plain-English Law Dictionary
When the borrower on a home mortgage is late in making payments -- typically 30 to 90 days behind. At the end of the proper delinquency period (which may be determined by state law), the lender may institute foreclosure proceedings.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:27 pm