Payments not made. Property seized. Banks now owns it. Bank-owned property. Not a situation you want to get into.
That said, an important rule of thumb to remember: The bank doesn't officially own the property until it is sold at auction (or sheriff's sale). And every state has different rules. In some, if you miss like three payments, you're out. Finished. No rights. In others, like Florida, you can lose everything...but you can't be evicted from your home. Lots of alligators there in Florida.
Related or Semi-related Video
Finance: What is a Residual Claim To Ass...2 Views
Finance a la shmoop what is a residual claim to assets? alright people here's an
investment and here's an investment gone bad well here's the result and you have [Cash burning]
a claim to the crumbs of dollar bills here the investment in hair for days.com
didn't go so well instead of regrowing hair as it promised
it actually made hair disappear in you know other places so the investors eight
million bucks is mostly gone Microsoft is buying the company for a
scrap price of five million since you were the preferred stock investor and
there was no debt junior or senior or otherwise no IRS bills owed no vendor
bills owed just the preferred IEU well you have this residual claim to the you know
financial residue and the eight million bucks you invested went to Jenny Craig [Man with briefcase of 8 million dollars appears]
dieted down to only five million bucks which now come your way via your
residual claim to assets fingers crossed your next investment goes a bit better
but hopefully this one will put a little hair on your chest it happens [Man with hairy chest appears]
Up Next
What is a going concern rule, and does it have to do with the bathroom? No? Okay...no harm in checking.
A self-regulatory organization (SRO) is an organization that lives outside the control of the legislative bodies behind it... and it's more effective.