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Failure to make payments when payments are due. For most mortgages, payments are due on the first day of the month. Even though they may not charge a “late fee” for a number of days, the payment is still considered to be late and the loan delinquent. When a loan payment is more than 30 days late, most lenders report the late payment to one or more of the credit bureaus.
Delinquency (Wikipedia)
Delinquent or delinquents may refer to:
- A person who commits a felony
- A juvenile delinquent, often shortened as delinquent is a young person (under 18) who fails to do that which is required by law; see juvenile delinquency
- A person who fails to pay a debt or other financial obligation
- A person found guilty of serious misconduct, gross abuse of position, gross negligence, wilful misconduct or a breach of trust, can be declared a delinquent director (South Africa, by example) by the court
Delinquency (Wiktionary)
English
Etymology
Borrowed from Late Latin dēlinquentia, derived from Latin dēlinquēns, present participle of dēlinquō (“I transgress, err”).
Pronunciation
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