Delinquency

Definition

  • A debt or other financial obligation on which payment is overdue, such as a failure to make mortgage payments when they are due.

Synonyms
failure, misconduct, lapse, neglect payment

Related Terms and Acronyms

  • Bad Credit Definition,
    • Someone who carries a higher credit risk.
  • Bad Credit Loan Definition,
    • A loan taken out by someone with bad credit.
  • Credit Risk Definition,
    • The risk of loss assumed under a financial contract that a borrower or a counter-party to a loan or other credit-related contract may default or fail to fulfill its obligations.
  • Default Definition,
    • When a borrower fails to fulfill the obligations of a loan or lease.
  • Forfeiture Definition,
    • Loss of property because of violation of law or contract.
  • Fresh Start Definition,
    • The characterization of a debtor's status after bankruptcy. i.e., free of most debts.
  • Good Credit Definition,
    • Someone who carries little credit risk.
  • Guaranty Definition,
    • A promise to assume responsibility for a debt if the borrower defaults.
  • Notice of Default (NOD) Acronym, Important,
    • The step in the foreclosure process where the lender informs the court that the borrower is in arrears.
  • Restructured Loan Definition,
    • A mortgage in which basic terms -- such as interest rate, term and monthly payment -- have been changed to prevent foreclosure. Not a normal practice in Canada.
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