Mortgagesare secured with the purchased home as collateral, meaning that the home can be seized if the loan isn't paid back according to the initial agreement. For most homeowners, this means that defaulting on a mortgage will lead to foreclosure. While this is a drastic consequence, foreclosure can be avoided by figuring out how to refinance your mortgage to make it more affordable. Eligible homeowners might consider the Home Affordable Refinance program, orHARP, which is designed to help underwater borrowers.