Failing to abide by the terms of a mortgage loan agreement, known as defaulting, occurs when you miss mortgage payments. If you default on your mortgage, your lender can take legal action to repossess your home. This process, called foreclosure, allows the lender to sell the property to recover the outstanding loan balance.
*The information provided is for educational purposes only and should not be considered legal advice. For specific legal concerns or questions related to your mortgage, it is always best to consult with a qualified legal professional.*