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What is the difference between delinquency and default?

April 26, 2017Default Delinquency

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What is the difference between delinquency and default?

2 Answers

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A. A delinquency is when your loan payment with your loan holder is past due or late. A default is when your loan reaches 270 plus days delinquent at your loan holder and your guarantor purchased your loan as a default.

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A. A delinquency is when your loan payment with your loan holder is past due or late. A default is when your loan reaches 270 days delinquent at your loan holder and your guarantor purchases your loan as a default.