Delinquency

If a payment does not arrive as the note requires, the loan is delinquent. How a servicer reports that status, and what happens next, depends on the account and the rules that apply. Delinquency is not automatically foreclosure. It is also not deferment or a repayment plan, which are possible later arrangements.

Consumer and GSE glossaries treat delinquency as failure to make a payment when due. State foreclosure procedure is outside this definition.

Servicing, credit reporting, and loss-mitigation language all start from whether the loan is current or delinquent.

• Default
• Deferment
• Late fee
• Mortgage servicer
• Partial payment
• Repayment plan

This page does not describe foreclosure timelines or give legal advice.