When a home owner fails to make payments on the mortgage

In some rare cases, due to financial trouble, a borrower can't make the monthly mortgage payments. To keep from losing the property, the borrower can negotiate with the lender for a more flexible pay back plan until he or she can get back on track. If after about 3 1/2 months the borrower is still in default, the lender will have no choice but to start the foreclose process and sell the home to repay the loan.

See: Foreclosure