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Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
A mortgage payment that is more than 30 days late.
The Mortgage Encyclopedia. Copyright © 2004 by Jack Guttentag. Used with permission of The McGraw-Hill Companies, Inc.