Bank-Owned Property

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.