What happens will depend on you, and your mortgage holder. The best thing to do is to call your mortgage holder and speak to someone that can help you, usually a Mortgage manager or a VP, explain the situation, express your intentions, offer a solution and ask how he/she can help you. If you are going to miss more payments, you really want to put a plan in place before speaking to the mortgage holder.
If you are thinking that perhaps you need to short sell, contact us. 239-963-9182 email, firstname.lastname@example.org