How do forclosures work and what do banks do (step by step) when an owner cannot pay the mortgage.Regarding foreclosures, what does the bank do to owners who cannot pay the mortgage (step by step contacts by bank / lawyers)? I know about impacts to credit ratings but what other legal ramifications are there, such as, jobs, taking salary, taking savings, etc. Could the owner go to jail or what MIGHT happen to the owner? If the home owner vacates the property then what happens? How long does it take before the bank leaves the owner alone after the owner tells the bank he cannot pay the mortgage?December 18 2008 - Tampa00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.