After the housing market burst, the word "foreclosure" seemed to be everywhere here in Florida. What exactly does that mean? The process actually started when you missed a few mortgage payments due to a financial hardship. When you purchased your home, your mortgage lender provided you with the funds to do so. As part of that process, your home "secured" the loan. This means that your lender could take your home if you can't pay your mortgage loan through the foreclosure process.