Normally for secured loans, you have to place some collateral. If you miss two months of payment, foreclosure would be in the offering from the lender. Foreclosures mean procuring your property to get back the amount they gave you as loan.
However, to your relief, lenders do not really want your home. They always want to garner some interest out of their money. Moreover, when everybody is facing foreclosure, you have an option if you want to stop it from happening.
If you can show them that you can pay 50-75%, more than likely, they will give you a chance. You should work harder, and save a lot, to do that. Nevertheless, once you save your property, things really ease out for you.
You can also go for loan modification and loan mitigation. In loan modification, you have to pay a lesser amount for a few months until you gain control of things.
In loan mitigation, arrangements are made, so nobody loses out completely.