In some states, this time extends after the sale of the home, meaning that the original homeowner can reinstate their right to repossess the home even after a new, third party has purchased the home at auction.
For this reason, when a homeowner stops making mortgage payments, the bank as the lien holder has the right to repossess the home in the form of a foreclosure.
Your lender will send you a certified letter to let you know they will be following the legal process through the court system to repossess your home.
There are a number of organizations that either repossess vehicles for nonpayment or seize vehicles for legal reasons.
If you do default on the loan, the lender can repossess the vehicle and sell it to recoup some of its losses.