Unfortunately, foreclosure can happen. By missing a mortgage payment, your lender has the legal means to repossess your home and force you to move out. If your property is worth less than the total amount you owe on your loan, you may even end up owing the remaining balance after a foreclosure – though in some states the law effectively wipes out the rest of the debt after foreclosure. Foreclosure is a painful process, because you will be forced to move out of your home. A foreclosure will also make it harder to qualify for credit for years to come. So you should avoid foreclosure, if possible.