Will missed mortgage payments lead to foreclosure on the property?

In general terms if a home owner fails to make the agreed payments on the mortgage, the lender may foreclose on the property.

The mortgage lender may do a statutory foreclosure or a judicial foreclosure depending on the terms and conditions agreed to in the original signed mortgage contract document.

Sometimes a lender may prefer to avoid the cost of foreclosure and be prepared to work out an agreement with the home owner. It really depends on the circumstances and whether the lender wants to consider that as an option.

In such cases a lender may, for a specified period of time, accept "interest only" payments or partial payments to help the home owner out of a tight situation.

However, it is important to note that there are specific regulations regarding foreclosure procedures.

Always, always, always, seek professional legal advice from an attorney if your home is in anyway endangered by a foreclosure proceeding.