Delinquent Mortgage
A mortgage for which the borrower has failed to make payments as required in the loan documents. If the borrower can't bring the payments current within a certain time period, the lender may initialize foreclosure proceedings. Investopedia Says:
Foreclosure is a last resort for lenders because it is an expensive procedure and lenders typically lose money in foreclosure proceedings. A forbearance agreement is a potential option to foreclosure if the borrower's financial difficulties are temporary. A deed in lieu of foreclosure is another option to foreclosure. Related Terms:
Deed In Lieu Of Foreclosure
Foreclosure
Jingle Mail
Loan Modification
Mortgage
Mortgage Forbearance Agreement
Mortgage Short Sale
Serious Delinquency
Short Refinance
Workout Assumption |