Delinquency

The failure to make a mortgage payment or payments when due. Delinquency occurs when all or part of the borrower’s monthly installment of principal, interest and, where applicable, escrow is unpaid after the due date.

Failure of a borrower to make timely mortgage payments under a loan agreement. Generally after fifteen days a late fee may be assessed.

A delinquent is a young person (under 18) who fails to do that which is required by law or by duty when such failure is minor in nature. The term is often used to refer to a juvenile who commits a minor criminal act—juvenile delinquents. In other cases, a delinquent is a person who fails to pay a debt or other financial obligation, like a mortgage. Failure to cure a delinquent payment can result in repossession or foreclosure. Accounts that are not current are also known as delinquent accounts.