If a contract purchaser is 90 days past due in making payments, what status do they hold?

When a contract purchaser is 90 days past due in making payments, they are considered to be in default. This status indicates that the purchaser has failed to adhere to the agreed-upon payment schedule, which typically stipulates that payments must be made on time. Being in default signifies a serious breach of the contract terms, potentially leading to further actions like penalties, forfeit of deposits, or even legal proceedings depending on the specific terms outlined in the contract.

In this context, “In Good Standing” would imply that the purchaser is fulfilling their contractual obligations, which is clearly not the case when payments are significantly overdue. “In Payment Plan” suggests that the purchaser is actively engaged in an arrangement to pay off their balance, while “In Grace Period” would refer to a time frame allowed to make a payment without penalty, which is also not applicable after being 90 days overdue. Thus, when a purchaser exceeds the 90-day threshold without remedying their payment situation, it unequivocally places them in default.