Whether you got behind on your mortgage loan payments over time or due to a catastrophic event such as a job loss or medical emergency, your lender is knocking on your door for payment. In fact, your lender may already be threatening to foreclose on your home.
When you borrowed the money to buy your home, you gave your lender your home as collateral. Now, as you experience financial difficulties, your lender may consider taking that collateral to satisfy the loan. Fortunately, most lenders have no desire to own your home. Instead, they would prefer for you to keep paying. This means that it may be possible to keep your home.