Bank cannot auction your house at a loss

My dad took a loan from a commercial bank with our family home as the security five years ago. He was steadily repaying the loans in installments until he fell sick and has now been bedridden for six months. We have been receiving letters from the lender, which we have also been responding to – requesting for grace periods, hoping that he will be back on his feet. Unfortunately, the last letter we received stated that the bank is considering other means – including invoking the powers of statutory auction – to sell the property and recover their money. Does this mean that we will walk out of our house penniless should we not pay up?

Nick, Nakuru