What is a delinquent mortgage?
The Bankrate.com financial term of the day is: "Delinquent Mortgage."
When you have a "delinquent mortgage," that's a fancy way of saying you're seriously late. It's a home loan for which the borrower has failed to make the payments on time, under the terms of the loan agreement.
When a borrower has fallen way behind on house payments, the loan is considered a delinquent mortgage. The lender may offer the homeowner some options to prevent foreclosure.
To shop for the perfect home loan, visit the Mortgage section at Bankrate.com.
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