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Delinquent Mortgage
A mortgage for which the borrower has failed to make payments as required in the loan documents. If the borrower can't bring the payments current within a certain time period, the lender may initialize foreclosure proceedings.
Foreclosure is a last resort for lenders because it is an expensive procedure and lenders typically lose money in foreclosure proceedings. So to prevent forclosure there are other ways that the Lender can go. One way is a forbearance agreement. A forbearance agreement is a potential option to foreclosure if the borrower's financial difficulties are temporary. A deed in lieu of foreclosure is another option to foreclosure.
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