Delinquent Mortgage Definition
Delinquent Mortgage or late mortgage describes a mortgage for which the borrower has failed to make a required payment on time. A mortgage is considered delinquent when a scheduled payment is not made on the due date. Usually there is a late fee applied to a delinquent payment. The amount of the fee is dependent upon the terms of the mortgage contract. If the debtor is not able to bring the payments current, the lender may initialize foreclosure proceedings.