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

  1. 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.
Compare. Calculate. Apply today.
Compare Mortgage RatesMortgage CalculatorsApply for a Mortgage