REAL ESTATE GLOSSARY
Delinquent
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· A term that describes a homeowner who is behind on mortgage payments. The Mortgage Bankers Association refers to a homeowner who is more than 90 days behind as being in a "serious delinquency."
· A number that does not include loans in the process of foreclosure, though delinquency is often a precursor to foreclosure.
· The point at which homeowners can be reported by the lender to the credit bureaus, potentially damaging their credit ratings.
· A national rate that is on the rise, hitting 4.33 percent of all loans in the first quarter of the year, according to the Mortgage Bankers Association's most recent survey. Nearly 1 percent of all loans were more than 90 days past due.
· A particularly bad problem in Michigan (6.45 percent), Ohio (5.87 percent) and Indiana (5.97 percent), all in a part of the country that is suffering broad economic problems. Delinquency rates in Mississippi (8.23 percent) and Louisiana (7.04 percent) show homeowners there are also struggling.
· A condition that borrowers whose loans are classified as "subprime" are finding themselves in more often.
· A condition that lenders are increasingly looking for ways to help borrowers escape, to save themselves the expense and hassle of foreclosure proceedings.
