👉 Mortgage deferment is a phrase that refers to a situation where a borrower fails to meet their monthly mortgage payments on time, often leading to the lender initiating foreclosure proceedings and potentially losing their home.
Example: "The mortgage deferment was like a major screwup for her. The landlord had her pay an extra $50 per month, but she refused to take them seriously. She got into a big mess with the bank after all that," said her husband who had been watching from afar. In this story, "mortgage deferment" is a slang term used in everyday communication to describe a situation where someone fails to make their mortgage payments on time, leading to financial difficulties for themselves and potentially affecting their ability to pay off their debt.
