Is there a term for not being able to pay your mortgage(s)? Like "personal bankruptcy", "consumer default" or something like that?
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1$\begingroup$ In which English (British, American, Indian, other?) For one payment, or a sequence of payments, or permanently? Are you asking about specific technical jargon in a particular context? $\endgroup$– 410 goneCommented Jul 31, 2015 at 9:28
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1$\begingroup$ Is the distinction you are making between "can't pay" / 'won't pay" or "not paying" / "paying"? $\endgroup$– BKayCommented Jul 31, 2015 at 11:49
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$\begingroup$ In any English. For a any amount of payments (one, many, permanently). Yes, a technical jargon, but in general, not for a particular context. The context is in general, although the most common case is not being able to pay the mortgage for the loan you made for buying the house. I am asking strictly about "can't pay", not "won't pay" / "don't want to pay" or anything else. $\endgroup$– Joe JobsCommented Aug 1, 2015 at 1:37
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2 Answers
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Not paying a mortgage is first known as delinquency (when payments are missed) and later, default (when the loan is written down and the lender seeks foreclosure). But an inability to pay has no particular term of art attached to it, because an inability to pay can arise either out of illiquidity (debts exceed liquid assets) or insolvency (debts exceed liquid assets and ability to borrow against future income).
answered Jul 31, 2015 at 20:06
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Insolvent household, maybe? For a person or a household, the most common term is insolvency.
