Not paying your monthly mortgage over a period time may lead to foreclosure, where you lose title to your property and chance eviction from your home.

A foreclosure also becomes part of your credit report and may affect your ability to obtain credit in the future.  Having money saved to cover several months of your housing costs, just in case of unexpected emergency (job loss, divorce, illness) can help save you from foreclosure.

Once you realize you are unable to make payments, make notification immediately.  Too many people wait until the last minute, hoping the problem(s) can be rectified.  Others are afraid that foreclosure will be the first option.

Depending on the situation there are options the mortgage company can offer to provide temporary financial relief:

Forbearance. an agreement to temporarily let you pay less than the full amount of your mortgage payment, or pay nothing at all, during the forbearance period.

Reinstatement. you pay your mortgage company the total amount you are behind, in a lump sum, by a specific date. This is often combined with forbearance

Repayment Plan. an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.

Loan Modification.  a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable.