When taking out a mortgage on your home, the mortgage lender has an ownership over the property until the entire mortgage is paid off. Missing your mortgage payments consistently can result in your lender to rightfully reclaim the property from you in lieu of your debt. This is know as repossession.
Repossession is common and there are many different reasons why this may happen. These include financial difficulties, health problems, and general life hardships. Repossession is generally the very last resort taken by your lender, which generally happens after you have missed several monthly payments. If repossession occurs, the mortgage lender will have the right to reclaim the property to recover its outstanding costs in the mortgage, alongside any legal costs incurred during the process.