As soon as you miss a monthly payment, you are technically in default, though most lenders wait up to 30 days to officially pursue.In this situation, it’s important to open a dialogue with your lender and not ignore their solicitations. Chances are you will be able to work something out, plus it will keep you in good standing with your lender.After you have defaulted for 120 days, your default can become a foreclosure, in which case your lender can claim your home and sell it to recoup the money lost from your mortgage debt.