While there are several options available to you if you are struggling financially, usually, if you can’t make your debt repayments, your lender can take steps against you. Generally, your lender can send you a default notice giving you 30 days to make the repayments you’ve missed, as well as the regular repayment due on your loan.
Generally, if you have not made payment after 30 days, your lender will be able to start legal action to claim the entire amount of your home loan. Eventually, your lender may be able to repossess your home if repayments are not made. They may also need to recover any leftover outstanding amount by taking further action to claim your assets, such as any vehicle that you own.
The foreclosure process on your home may begin after your lender gets a court order against you. This is when your lender will take possession of your home. This actual legal process varies by state and may have a variable time frame depending on where you reside.