delinquent
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Delinquency
The state of being late for a payment on a loan or other liability. If a payment is due on the third of each month and one does not pay until the ninth, the account is said to be in delinquency until the payment is made. Some liabilities have grace periods to allow for late periods up to a certain point without causing delinquency. A late fee may or may not be assessed on a delinquent payment. Serious and prolonged delinquency can lead to default.
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delinquent
Past due.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.