A loan that involves a borrower who is behind on payments. If the borrower cannot bring the payments up to date within a specified number of days, the lender may begin foreclosure proceedings.

A loan for which payment is overdue (usually defined as 30 days or more overdue).

A borrower who has missed a monthly loan payment. A loan can carry a delinquent status for up to four months, after which it is considered a defaulted loan.