Financial Glossary: Delinquency


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Delinquency

Delinquency

A loan in which a payment is overdue but not yet in Default.

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.

A mortgage is the pledging of a property to a lender as a Security for a mortgage loan. While a mortgage in itself is not a Debt, it is evidence of a Debt. Repossession is generally used to refer to a financial Institution taking back an object that was either used as Collateral or rented or leased in a transaction.

Posted by Institute for International Research

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