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Delinquent Mortgage

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Dictionary Says

Definition of '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

Investopedia explains 'Delinquent Mortgage'

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.

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