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Definition:
The term "when mortgage payment is considered late" is a phrase that describes when a borrower's payment for their home loan is not made on time, and the lender has reason to believe they are going to default on their loan obligations. This can lead to various consequences, including penalties or even legal action against the borrower if the payments are not paid. Example sentence: "I recently received an unexpected phone call from my bank, telling me that there was a mortgage payment that was 10 days late and would be considered late if not taken care of within two weeks." The phrase "late" is typically used in slang or puns to imply urgency or importance, making it a fun and surprising way to convey the seriousness of when a payment should have been made.
