Is a company: no
Is a proper noun: no
- neglect payment
Definition of Delinquency
- A debt or other financial obligation on which payment is overdue, such as a failure to make mortgage payments when they are due.
Related Terms and Acronyms
- Guaranty — Bank,
- A promise to assume responsibility for a debt if the borrower defaults.
- Bad Credit Loan — Bank,
- A loan taken out by someone with bad credit.
- Credit Risk — Bank,
- 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.
- Bad Credit — Bank,
- Someone who carries a higher credit risk.
- Fresh Start — Bank,
- The characterization of a debtor's status after bankruptcy. i.e., free of most debts.
- Default — Bank,
- When a borrower fails to fulfill the obligations of a loan or lease.
- Restructured Loan — Bank,
- 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.
- Forfeiture — Bank,
- Loss of property because of violation of law or contract.
- Notice of Default (NOD) — Bank, Important,
- The step in the foreclosure process where the lender informs the court that the borrower is in arrears.
- Good Credit — Bank,
- Someone who carries little credit risk.