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.