Normally your bank expects to receive your monthly mortgage payment on or before the due date. If you did not send your payment, a few days later, you should be receiving a missed payment notice stating that you must send your payment as soon as possible plus the late fee to avoid further action.
If your Lender does not receive any payment after 30 days of your due date they will be sending you a notice of default indicating that you are in default under the terms of the note and mortgage agreement. If they still do not receive any payment or respond from you, your lender will continue with the "Foreclosure note". This serves to inform you that they are initiated foreclosure proceedings and scheduled the sale of your home at auction. It also they may sure to include the amount you currently owe, any late fees and the bank's attorney information.
In some states that have a redemption period following the sale you will get one more opportunity to buy back your property. In the state of Florida, this right ends at the foreclosure sale. There is a period of time after the sale that the court reviews the sale to ensure a fair price has been paid "this period is normally 10 business days after which the certificate of sale is filed and title passes".
If you couldn't be able to buy your home back, with a few restrictions, you may be able to buy another house in 5 years, if your home was a primary residence. On the contrary, if it was a second home, the waiting period is 7 years minimum.
As soon as we hear "Foreclosure" right away we associate with failure and personal irresponsability. It's public knowledge that the Foreclosure process is one of the most devastating financial challenges that any person can face and will bring stress and heartache for the whole family and even the neighborhood.
Of course, the first thing that will be affected when facing foreclosure is your credit rating. Good credit open doors to new job opportunities, loans and new mortgages. A black mark of Foreclosure can make your financial status more difficult. A foreclosure will stay on your record for 8 to 10 years, but as long as you don't fall behind on other bills, pay off debts as soon as possible and keep your credit cards bellow 5% of their maximum credit limit, you may have a chance of buying another house 5 years after a foreclosure.