Delinquent Mortgage
Importance: 0.71
Is a company: no
Is a proper noun: no
Synonyms
- arrears
- unpaid bill
- failure to pay
- balance due
- lapse
- neglect mortgage payment
Definition of Delinquent Mortgage
- A home loan in which the borrower has failed to make payments on time, as specified in the loan agreement.
Related Terms and Acronyms
- Repossession — Bank,
- The taking back of property after a borrower has stopped making payments.
- Sub-prime Borrower — Bank,
- A borrower with a less-than-perfect credit report due to late payments or a default on debt payments.
- Forbearance — Bank,
- Delaying foreclosure, usually because the borrower has arranged to pay the amount in arrears.
- Guarantee — Bank,
- An enforceable warranty on the promise of quality of a product or formal promise by one person to take responsibility for the debts or obligations of another person if that person fails to meet them.
- Foreclosure — Bank,
- The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
- 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.
- 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.
- Penalty — Bank,
- In mortgage terms, a penalty is a set rate or length of time the penalty will be charged based on the remaining loan amount. The penalty is usually three months interest or interest rate differential.
- Sub-prime Mortgage — Definition, Important,
- A mortgage loan that is granted to a borrower who is considered sub-prime (has a less-than-perfect credit report). Sub-prime borrowers have either missed payments on a debt or have made late payments. Lenders charge a higher interest rate to compensate for potential losses from customers who may default on the loan.
- Notice of Default (NOD) — Bank, Important,
- The step in the foreclosure process where the lender informs the court that the borrower is in arrears.
- Repayment Plan — Bank,
- Modification of an existing loan after the borrower has been delinquent. Often used when the borrower misses payments but the lender does not foreclose.
- Demand Loan — Bank,
- A loan that must be repaid in full, on demand.
- Mortgage (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
- Mortgage Payment — Definition, Important,
- A periodic payment used to pay off a mortgage's principal and interest.
