Serious Delinquency Law and Legal Definition
Serious delinquency means a single family mortgage is in default for a period of 90 days or more. It also refers to multifamily mortgage that is due for past two months or more.
The main features of serious delinquency are:
1. This situation arises when a borrower lags behind in making mortgage payments, when they are due;
2. It leads to foreclosure of property.
Legal Definition list
Related Legal Terms
- Chronic Serious Health Condition
- Contributing to the Delinquency of a Minor
- Delinquency Jurisdiction
- Delinquency Petition
- Delinquency Proceeding
- Federal Juvenile Delinquency Program
- Federal-Juvenile-Delinquency Jurisdiction
- Individual Directly Involved In a Serious Marine Incident
- Juvenile Delinquency
- Juvenile Delinquency Program
