If you do not make your mortgage payments when due, you will receive a Notice of Default from the company that collects payments for your lender. There are specific time lines that you need to follow in order to avoid foreclosure.

The foreclosure process allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower / owner defaults on loan payments (usually mortgage payments), and the lender files a public default notice, called a Notice of Default or Lis Pendens. The foreclosure process can end one of four ways:

• The borrower / owner reinstates the loan by paying off the default amount during a grace period determined by state law. This grace period is also known as pre-foreclosure.
• The borrower / owner sells the property to a third party during the pre-foreclosure period. The sale allows the borrower / owner to pay off the loan and then avoid having a foreclosure on his or her credit history.
• A third party buys the property at a public auction at the end of the pre-foreclosure period.
• The lender takes ownership of the property, usually with the intent to re-sell it on the open market. The lender can take ownership either through an agreement with the borrower / owner during pre-foreclosure or by buying back the property at the public auction. These are also known as bank-owned or REO properties (Real Estate Owned by the lender).

This description of the foreclosure process was written by realtytrac.com

There are many sites on the Internet that offer tips. The United States Federal Housing Administration website is among the most comprehensive consumer-driven resource offering specific tips on actions to take, how to take them, and frequently-asked questions about them. More introductory resources can also be found on the Homeownership Preservation Foundation's website.