Deliquency in real estate is when a borrower fails to make payments on time, which can lead to foreclosure or other liens being placed on the property. Even though they may not charge a "late fee" for a number of days, the payment is still considered to be late and the loan delinquent.

When a loan payment is more than 30 days late, most lenders report the late payment to one or more credit bureaus.

Once you have become delinquent on your mortgage payments it is hard to catch up. Most banks have a workout plan to assist you if you fall behind, but beware sometimes these plans require a lump sum of money depending on how many months you have been delinquent.

The other options to avoid foreclosure due to delinquent payments are a short sale and bankruptcy. A short sale is the best alternative if you are going to lose the house due to foreclosure.