Augusta
VIP Contributor
When you take a mortgage or loan to pay for a home or property, you would have a time set by the lender for your repayment. Alot of times things happen that you can't meet up with the payment, you have to find a way of making your payment but sometimes you can't meet up with time.
Delinquency might set in, delinquency is when one has a single missed mortgage payment. it is when the failed payments continue, that one is at risk of entering the default status. So default at this point is when a borrower fails to make several loan repayments. This is always over a period of time.
The thing is that lenders and government agencies do have a timeframe given to borrower to make payment which is always stated by the code of federal regulations
Delinquency might set in, delinquency is when one has a single missed mortgage payment. it is when the failed payments continue, that one is at risk of entering the default status. So default at this point is when a borrower fails to make several loan repayments. This is always over a period of time.
The thing is that lenders and government agencies do have a timeframe given to borrower to make payment which is always stated by the code of federal regulations
