What is 'Serious Delinquency'
When a single-family mortgage is 90 days (or more) past due and the bank considers the mortgage in danger of default. Once a mortgage is in default, a lender typically initiates foreclosure proceedings.
BREAKING DOWN 'Serious Delinquency'
Borrowers who are delinquent in making their mortgage payments should contact their lender to see what options (other than foreclosure) exist. Foreclosure is time-consuming and expensive for a lender, and in certain situations the lender might offer options other than foreclosure to save themselves time and money. Some of these options include forbearance, deed in lieu of foreclosure, loan modification, or a short refinance.