Synopsis In case the bank decides to name the borrowers as defaulters, it will then send a full and final 60 days’ notice under a law called SARFESI Act. Selling the home can be a better option than auction by the lender. Getty Images When the Choudharys bought their dream apartment with a home loan, the future looked bright. Then the pandemic hit and like many homeowners, the Choudharys are now facing financial difficulties after a job loss. Plagued by poor health and resultant high medical bills, they have been struggling to service their home loan EMIs for the past few months. Things are so bad that they wonder if they can ever repay the loan. They are not aware what happens on non-repayment of EMIs. They wonder how many missed EMIs will prompt the lender to take over the flat and throw them out. They want to know what exactly are the steps involved in the foreclosure process and what are their options in this difficult situation. So far their credit history has been very good.