Delinquent Loans: Dancing on the Edge of Fiscal Responsibility

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The Anatomy of a Delinquent Loan
Understanding the anatomy of a delinquent loan is essential. Generally, a mortgage becomes delinquent the day after you miss a cost. Financial institutions typically categorize delinquency into completely different levels similar to 30-day, 60-day, and 90-day delinquent, every carrying its own set of repercussions. For example, a 30-day delinquency might just incur a late fee, but lapse into ninety days, and you might discover the debt within the arms of a collections comp