What Happens When a Mortgage Payment is Missed?
Unfortunately, your lender may choose to intiate forclosure proceedings. By missing a mortgage payment, your lender has the legal means to repossess your home and force you to move out. If your property is worth less than the total amount you owe on your loan, a Deficiency Judgment could be pursued. Both a Foreclosure and a Deficiency Judgment can affect your ability to qualify for credit in the future. So take all necessary measures to avoid foreclosure.
The good news is that most lenders do not want to foreclose, and are more than willing to work with you to come up with a mutually beneficial alternative.