What happens when I miss my mortgage payments?

Foreclosure may occur.  This is the legal means that your lender can use to take over your home.  When this happens, you must move out of your house.  If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued.  If that happens, you can not only lose your home, you also would owe the lender an additional amount.